HUDCO posts good set of numbers for Q3FY19

The housing finance company HUDCO reported a 27 per cent growth in net profit on a YoY basis. Reacting the results, the stock of HUDCO surged to 10 per cent intraday high on Monday.

HUDCO's revenue for the December quarter was at Rs. 1,310.53 crore as against Rs. 1,075.29 crore in Q3FY18, up by 21.87 per cent. For the quarter, the NBFC reported Gross NPAs at 5.82 per cent as against 8.11 per cent YoY and and Net NPAs were at 0.80 per cent as against 2.18 per cent YoY.

Housing Urban Development Corporation Limited (HUDCO) was listed on the stock exchanges after a blockbuster IPO in March 2017. HUDCO is a state-owned company that focuses on government's housing projects including Deendayal Antyodaya Yojana-National Urban Livelihoods Mission (DAY-NULM), Pradhan Mantri Awas Yojana (PMAY) and Jawaharlal Nehru National Urban Renewal Mission (JNNURM).

On Monday, the stock of HUDCO opened at Rs. 43.05 per share and closed at Rs. 45.35 per share, up by 5.59 per cent on BSE. While the benchmark index was at 36,578.96, up by 192.35 points or 0.53 per cent.