Housing and Urban Development Corporation (HUDCO) hit an upper circuit of 20% at Rs 33.40 after consolidated net profit surged 86.6% to Rs 440.91 crore on 27.3% rise in total income to Rs 1900.40 crore in Q4 March 2020 over Q4 March 2019.
Consolidated profit before tax in Q4 March 2020 stood at Rs 545.30 crore, rising 33.3% from Rs 409.16 crore in Q4 March 2019. Total tax expense declined 39.6% to Rs 104.39 crore in Q4 March 2020 as against Rs 172.87 crore in Q4 March 2019. The result was announced after market hours on Friday, 26 June 2020.
HUDCO's yield on loan improved to 10.34% in Q4 March 2020 from 10.15% in Q4 March 2019. Net interest margin declined to 3.65% in Q4 March 2020 from 4.52% in Q4 March 2019. HUDCO's interest spread also declined to 2.54% in quarter ending March 2020 as compared to 3.14% reported in the same period last year.
HUDCO provides long term finance for construction of houses for residential purposes or finance or undertakes housing and urban development programs in the country.
The Government of India holds 89.8% stake in the housing financer as on 31 March 2020.
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