Hudco Q4 Results:Net profit rises 9% YoY to Rs 700 crore

economictimes.indiatimes.com:

Housing and Urban Development Corporation (Hudco) has reported a 9.6% year-on-year rise in net profit at Rs 700 crore against Rs 639 crore in the year-ago period.

The company's total income for the quarter was 18% higher at Rs 2,194 crore against Rs 1,862 crore.

Its board recommended a final dividend of Rs 2.65 per equity share on the face value of Rs10 each for the financial year 2023-24.

«The final dividend is in addition to the interim dividend of Rs 1.50 per equity share already declared and paid, the public sector lender said.

The lender's gross non-performing assets ratio improved to 2.71% at the end of March from 3.42% a year back. Provision coverage ratio stood at a healthy 87%.

The company's share price fell after the numbers were made public and closed 3.35% lower at Rs 258.50 on BSE, while the Sensex closed almost flat.