Housing and Urban Development Corporation (HUDCO) fell 1.52% to Rs 32.35 after consolidated net profit slumped 37% to Rs 457.25 crore on 9.19% decrease in total revenue from operations to Rs 1856.78 crore in Q2 September 2020 over Q2 September 2019.
On a consolidated basis, profit before tax (PBT) dropped 19.8% to Rs 608.93 crore in Q2 September 2020 as against Rs 759.68 crore in Q2 September 2019. Current tax expense for the quarter jumped 12.9% to Rs 115.56 crore as against Rs 102.40 crore in Q2 September 2019. The Q2 result was declared after trading hours yesterday, 12 November 2020.
The gross non-performing assets (NPAs) grew 2.98% to Rs 3,291.59 crore as on 30 September 2020 as against Rs 3,196.23 crore as on 30 September 2019. The ratio of gross NPAs to gross advances stood at 4.21% as on 30 September 2020 as against 4.20% as on 30 September 2019. The ratio of net NPAs to net advances stood at 0.49% as on 30 September 2020 compared with 0.39% on 30 September 2019.
The company has made provision on bans (impairment) as per Expected Credit Loss (ECL) method amounting to Rs 3,174.50 crore as on 30 September 2020.
HUDCO, the premier techno-financing public sector enterprise, is in the field of housing and infrastructure development in India. The Government of India holds 89.81% stake in HUDCO as on 30 September 2020.
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