Hudco Q4 net profit dips 21% at Rs 315 crore
HUDCO’s net profit fell 21% to Rs315.36 crore for the fourth quarter, compared with Rs398.21 crore in the year-ago period
New Delhi: State-owned HUDCO on Tuesday reported a 21% decline in net profit at Rs315.36 crore for the fourth quarter ended 31 March 2017. Its net profit stood at Rs398.21 crore in the year-ago period, the company said in a regulatory filing.
Total income also fell to Rs906.85 crore for January- March quarter of fiscal 2016-17 from Rs992.52 crore in the corresponding period of the previous year.
During the full 2016-17 fiscal, the company’s net profit increased to Rs841.81 crore from Rs783.79 crore in the previous year.
Total income rose to Rs3,584.84 crore in the last fiscal from Rs3,302.20 crore in the 2015-16 fiscal.
HUDCO recently concluded its Rs1,200 crore Initial Public Offer (IPO) and shares were listed on 19 May.
The company has established itself as a premier techno-financing company and funds housing and urban development projects in the country.
Apart from the financing operations, Hudco offers consultancy services, promotes research and studies and help propagate use of local building materials, cost-effective and innovative construction technologies. PTI