The government owned mortgage lender Housing and Urban Development Corporation (HUDCO) attracted strong buying interest Monday, the counter was frozen 20% higher at Rs 33 per share, following the scintillating earnings performance for the fiscal fourth quarter to March 31.
The company reported a 87% rise in its consolidated net profit to Rs 440.91 crore for the quarter ended March. Its net profit stood at Rs 236.29 crore in the year-ago period.
Total income rose to Rs 1,900.40 crore in the March 2020 quarter from Rs 1,493.35 crore a year ago.
For fiscal 2019-29, net profit rose to Rs 1,708.20 crore, from Rs 1,179.85 crore in the 2018-19. Total income went up to Rs 7,571.84 crore in the financial year 2019-20 from Rs 5,591.22 crore in the previous year.
It is among the few companies that withstood waggeries of the current market scenarios.
For HUDCO there was no impact of Covid-19 on resource raising activity owing to emergence of Covid-19. During the period company has raised amount aggregating to Rs 4,160 crore from capital markets at competitive pricing.
It continues to maintain sufficient liquidity within the system to take care of its operational requirements till date. Further, it continues to serve debt in time.
Pursuant to the RBI notification the moratorium was granted to the borrowers and the effects of moratorium for period of March 1, 2020 to May 31, 2020 shall have only minor material change in the liquidity position of tompany.
Meanwhile, the global credit rating agency Fitch has revised HUDCOs outlook to negative from stable while affirming its long-term Issuer Default Ratings (IDRs) at ”BBB-”.
HUDCO is a policy institution that provides housing finance and non-commercial urban infrastructure financing. It is regulated by the National Housing Bank and is under the administrative control of the Ministry of Housing and Urban Affairs.
Its key mission is to support construction of affordable housing for lower-income households and development of non-commercial urban infrastructure.
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