In a momentous announcement, the Housing and Urban Development Corporation Limited (HUDCO) revealed its audited financial results for the fiscal year 2023-2024, marking a period of unprecedented growth and exceptional performance across various financial metrics.
Key Financial Highlights:
Loan Sanctions: HUDCO witnessed a remarkable upsurge in loan sanctions, reaching an impressive figure of Rs. 82,387 crores in FY24, reflecting a substantial increase compared to the previous fiscal year’s Rs. 24,572 crores.
Loan Disbursements: The corporation achieved a significant milestone with its highest-ever loan disbursements, totalling an impressive Rs. 17,987 crores during FY24, showcasing a remarkable 112% year-on-year growth trajectory.
Profit After Tax (PAT): HUDCO reported its highest-ever net profit of Rs. 2,116.74 crore for the fiscal year 2023-24, marking a notable 24% increase compared to FY23. Additionally, the net profit surged by an impressive 35% on a quarter-on-quarter basis.
Revenue from Operations: Demonstrating robust operational performance, HUDCO recorded a commendable growth of 10.40% year-on-year in revenue from operations, rising from Rs. 7,049.46 crore to Rs. 7,784.29 crore.
Loan Book Expansion: HUDCO’s loan book witnessed a substantial expansion, growing by 15% from Rs. 80,743 crores to Rs. 92,654 crore year-on-year, indicating sustained growth momentum and enhanced market penetration.
Reduction in NPAs: The corporation achieved significant progress in reducing both gross and net non-performing assets (NPAs), underscoring its commitment to maintaining robust asset quality and financial resilience.
Earnings Per Share: There was a noteworthy growth in earnings per share (EPS), rising from Rs. 8.50 to Rs. 10.57 year-on-year, reflecting enhanced profitability and shareholder value.
Market Capitalization Surge: HUDCO’s market capitalization witnessed a remarkable surge, escalating from Rs. 10,000 crores in March 2023 to over Rs. 53,000 crores in May 2024, reaffirming investor confidence and market trust in the corporation’s growth trajectory.
Shri Sanjay Kulshrestha, Chairman & Managing Director of HUDCO, expressed profound satisfaction at the corporation’s outstanding financial performance, emphasizing its pivotal role in fostering sustainable infrastructure development and contributing to the nation’s economic progress. With a steadfast commitment to aligning with the government’s vision of Viksit Bharat 2047, HUDCO remains dedicated to leveraging its expertise and resources to create resilient and inclusive urban ecosystems.
Furthermore, HUDCO’s recent elevation to “Navratna” status, coupled with strategic initiatives aimed at diversifying its resource base and expanding its presence in international markets, underscores its strategic foresight and commitment to driving long-term value creation. As HUDCO embarks on its journey towards continued growth and excellence, it remains steadfast in its mission to deliver impactful solutions and catalyze positive change in India’s housing and urban development landscape.
HUDCO’s exceptional financial performance in FY 2023-2024 stands as a testament to its unwavering commitment to excellence, innovation, and sustainable growth, positioning it as a formidable force in India’s housing and urban development sector.
