On Wednesday, state-owned HUDCO declared an interim dividend of ₹2.50 per share and recorded a 42% increase in net profit to ₹735.03 crore.
₹2.05/Share Dividend:
On Wednesday, December 22, Housing & Urban Development Corporation Ltd. (HUDCO) released its October-December quarter results. The company reported a 42% increase in net profit to ₹735.03 crore, up from ₹519.23 crore during the same time last year. In April 2024, the public sector enterprise (PSU) received Navratna CPSE status.
Revenue for the state-owned housing and infrastructure financing corporation increased 37% to ₹2,760 crore from ₹2,013 crore during the same period last year. In the third quarter of the current fiscal year, HUDCO’s overall revenue climbed to ₹2,770.14 crore, up from ₹2,022.94 crore in the same period last year.
HUDCO declared an interim dividend for the current fiscal year of ₹2.05 per equity share. To determine whether shareholders are eligible to receive the interim dividend, January 30 has been chosen as the record date. This represents the third interim dividend paid by HUDCO in the current fiscal year 2024–2025 (FY25).
In a regulatory statement to stock markets on Wednesday, HUDCO said that the company has declared an interim dividend for the Financial Year 2024–2025 of Rs. 2.05 per equity share, or 20.50% (subject to TDS deduction) on the face value of ₹10 each. It also set Thursday, January 30, 2025, as the record date for determining whether shareholders can receive dividend payments.
Within 30 days after its announcement, the interim dividend payment procedure will be finished. The record date is a business’s cutoff date to decide which shareholders are entitled to receive the announced dividend. The dividend payment will only be made to shareholders recorded in the company’s records on or before this date.
The PSU declared that the current borrowing plan and program for FY25 will be increased from 40,000 crore to 55,000 crore. HUDCO stated in an exchange filing that this would depend on the existing borrowings at any particular moment not going above the total borrowing limit authorized by the shareholders.
Additionally, the state-run business declared its intention to leave the affiliate firm Ind Bank Housing Ltd. The procedures in this respect have not yet been decided. HUDCO’s net interest income (NII), also known as the lender’s core revenue, rose 47% to ₹983 crore from ₹667 crore during the same period last year.
Today, the Navratna PSU also inked a Memorandum of Understanding (MoU) with VPPL, a joint venture between the Maharashtra Maritime Board (MMB), a division of the Maharashtra government, and the JNPA (Government of India).
As stated in its exchange filing, “HUDCO shall explore and provide funds up to ₹25,000 crore for development of new ports/PPP projects of VPPL through this MoU.” It stated that to investigate the prospect of supplying funding up to ₹25,000 crore, it has inked an MOU with Vadhvan Port Project Ltd (VPPL).
HUDCO’s stock ended Wednesday’s trading session on the BSE at ₹227.35, down 0.87 percent. Over the past six months, the stock of Navratna PSU has dropped by more than 30%. The market capitalization of the firm is ₹45,513.20 crore.
