The net profit of Navratna PSU has increased 42% year over year, and an interim dividend of 20.05% has been announced for FY25.
₹2.05/Share: State-owned HUDCO declared an interim dividend of ₹2.50 per share on Wednesday, along with a 42% increase in its net profit to ₹735.03 crore.
Dividend per share at ₹2.05: 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 announces its FY25 interim dividend: Fixed date of record
For the current fiscal year, HUDCO declared an interim dividend of ₹2.05 per equity share. The record deadline for figuring out whether stockholders are eligible to receive the interim dividend is January 30. This is the third interim dividend that HUDCO has paid out for the current fiscal year 2024–2025 (FY25).
In a regulatory filing to the stock exchanges on Wednesday, HUDCO stated that it would declare an interim dividend of Rs. 2.05 per equity share, or 20.50% (subject to TDS deduction) on the face value of ₹10 each, for the Financial Year 2024–2025. It also set Thursday, January 30, 2025, as the record date for determining the eligibility of shareholders for dividend payment.
Within 30 days after its announcement, the interim dividend payment procedure will be finished. The cutoff date that a business sets to decide which shareholders are entitled to receive the announced dividend is known as the record date. The dividend payment will only be made to shareholders who are recorded in the company’s records on or before this date.
Net profit Increased
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 will depend on the existing borrowings at any particular moment not going above the total borrowing limit authorized by the shareholders.
Navratna PSU’s net profit increased 42% year over year, and an interim dividend of 20.05% was paid out for FY25.
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).
According to HUDCO’s exchange filing, “through this MoU, HUDCO shall explore and provide funds up to ₹25,000 crore for development of new ports/PPP projects of VPPL.” It stated that in order 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.
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