HUDCO Reports Profit Surge and Plans Major Debenture Issue

State-owned Housing and Urban Development Corporation (HUDCO) posted a 4% increase in consolidated net profit, amounting to Rs 727.74 crore for the March quarter of FY25, owing to higher income figures.

The company's net profit was Rs 700.16 crore in the same period last year. Total income jumped to Rs 2,854.91 crore in the January-March 2024-25 period, up from Rs 2,194.04 crore a year earlier, as per regulatory filings.

For the entire fiscal year of 2024-25, HUDCO's net profit rose to Rs 2,709.14 crore from Rs 2,116.69 crore the previous year. Total income also increased significantly, reaching Rs 10,348.38 crore, compared to Rs 7,948.10 crore in 2023-24. HUDCO also announced plans to raise Rs 2,190 crore by issuing unsecured, taxable, redeemable, non-convertible debentures with a coupon rate of 6.9% per year, repayable at the end of the fifth year. These financial strategies align with HUDCO's core mission of financing housing and infrastructure projects.

(With inputs from agencies.)