HUDCO net profit rises marginally at Rs 776 crore in FY15

Housing and Urban Development Corporation (HUDCO) today reported a marginal rise in its net profit at Rs 776.20 crore for the 2014-15 fiscal.
Its net profit in the previous fiscal (2013-14) stood at Rs 726.34 crore.
The company's net sales from operations in FY15 stood at Rs 3,398.53 crore, up from Rs 2,896.81 crore in previous fiscal.
On asset front, gross non-performing assets (NPAs) were trimmed to 6.22 per cent of gross advances, down from 6.76 per cent from a year ago, it said in a BSE filing.
Also, net NPAs or bad loans came down to 1.34 per cent of net advances, as against 2.52 per cent a year ago.

The company said its NPA provision has been overstated by Rs 470 crore, which reflects understating of net profit by a similar amount.
"... The company has made a provision of NPA of Rs 1,780.52 crore as on March 31, 2015 as against the provision of Rs 1,310.52 crore required as per NHB norms.