Monday 13th July 2020

HUDCO Posts Robust Financial Results in 2019-20 with 45% growth in Net Profit

Jun 27th, 2020 4:08 pm | By | Category: LATEST NEWS


(THE NEWSMAN OF INDIA.COM)
HUDCO, which is celebrating its Golden Jubilee Year (1970 – 2020), HUDCO’s Chairman and Managing Director M. Nagaraj shared the highlights of HUDCO’s robust performance in 2019-2020, wherein the company has recorded Outstanding financial results in its Golden Jubilee Year witnessing a 45% growth in Net Profit that has touched an all-time high of Rs 1708.42 crore in 2019-2020, from Rs 1180.15 crore in 2018-2019. HUDCO has seen a 13% growth in its net worth that has reached Rs.12343.49 crore in 2019-20, from Rs 10955.77 crore in 2018-2019. The net total income also witnessed a quantum jump of 35% to Rs 7571.64 crore in 2019-2020, from Rs 5591.22 crore in 2018-2019.

Further, D. Guhan, Director (Finance), has shared that HUDCO Board has also approved an all-time high dividend of Rs 3.10 per share subject to approval by the shareholders. The above includes interim dividend of Rs 0.75 per share paid in March, 2020. The total dividend recommended by the Company is Rs 620.59 crore as against Rs 165.16 crore in the previous year.

Further, HUDCO’s Net NPA is 0.19%, which is among the lowest in the sector. During the year 2019-2020, HUDCO’s emphasis was on sanction of projects pertaining to Housing-PMAY(U), Expressways and Water Supply projects.

HUDCO is a unique institution with its motto of “Profitability with Social Justice”. A Public Sector Company, under the Ministry of Housing and Urban Affairs (MoHUA), HUDCO has been a key partner with the Government in building assets for the Nation. In its operations, HUDCO lays a considerable emphasis on the housing need of the “deprived” that is Economically Weaker Sections (EWS) and Low-Income Groups (LIG).

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