HUDCO shares jump 16% post Q2 results

Shares of HUDCO surged 14 per cent in Wednesday's trade, in addition to a 2 per cent rise in the previous session, after the company reported a 7 per cent YoY rise in net profit at Rs 396.31 crore for the September quarter compared with Rs 370.40 crore in the year-ago quarter.

On Wednesday, the stock surged 13.83 per cent to hit a high of Rs 47.30 on BSE. This was in addition to a 2 per cent gain in the previous session. A total of 31.84 lakh shares changed hands on the counter, which were six times the two-week average of 5.32 lakh shares.

The scrip has gained 18.36 per cent year-to-date against a 3.6 per cent rise in the benchmark BSE 500 index during the same period. 

HUDCO, post market hours of Monday, its sales for the quarter were flat at Rs 1,738.61 crore compared with Rs 1,736.92 crore in the year-ago quarter. Gross non-performing assets fell to 3.80 per cent from 4.08 per cent YoY while net non-performing assets rose to 0.60 per cent from 0.52 per cent YoY.

Net interest margin (NIM) for the quarter improved to 3.3 per cent from 3.27 per cent in the year-ago quarter. Cost of Funds fell to 7.53 per cent from 7.70 per cent YoY while its net worth improved to Rs 14,733.97 crore from Rs 13,692.75 crore. 

Interest coverage ratio stood at 1.49 times against 1.45 times YoY, HUDCO said in a BSE filing.

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