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HUDCO posts Q3 profit down 10 pc at Rs 164 cr

HUDCO posts Q3 profit down 10 pc at Rs 164 cr

New Delhi, Feb 5 (PTI) State-owned HUDCO today reported 10 per cent decline in its standalone profit at Rs 163.59 crore for the quarter ended December.

Its net profit stood at Rs 182.18 crore in the year-ago period, the company said in a BSE filing.

Total revenue, however, rose to Rs 1,091.88 crore in the third quarter of this fiscal from Rs 929.82 crore in the corresponding period of the previous year.

The company has provided provision for NPA (non- performing assets) of Rs 2,576.83 crore (including standard assets) as on December, 31, 2017 as per accounting policy of the company, as against the provision of Rs 2,351.83 crore required as per updated NHB master directions 2010.

Hence, the company has provided an additional provision of Rs 225 crore as on December 31, 2017 (Rs 330 crore as on March 31, 2017) the filing said.

Housing and Urban Development Corporation (HUDCO) provides loans for housing and urban infrastructure projects. PTI MJH SBT