Housing and Urban Development (HUDCO) Q4 03/04 earnings summary

Executive summary

• FY2003-04 delivered higher profit and record resource mobilization, alongside strong housing and urban infrastructure lending activity.

• Cumulative assistance supported 143.39 lakh homes, 5.39 lakh plots, 61.81 lakh sanitation units and 2,149 urban infrastructure schemes by 31 Mar 2004.

Financial highlights

• Total income was Rs 2,826.71 crore vs Rs 2,827.58 crore in FY2002-03; PBT rose to Rs 394.50 crore from Rs 287.72 crore.

• PAT was Rs 325.70 crore vs Rs 266.54 crore; EPS was Rs 183.32 vs Rs 175.24 on Rs 1,000 face-value shares.

• PBT included prior-period adjustments and net loan-related provisions; a Rs 150 crore additional floating provision reduced FY profit, while a Rs 9.37 crore prior-year tax provision reversal increased profit available for appropriation.

• Reserves and surplus reached Rs 1,366.95 crore; loans outstanding were Rs 22,425.95 crore at 31 Mar 2004.

Outlook and guidance

• FY2004-05 MoU targets loan sanctions of Rs 10,500 crore and releases of Rs 6,300 crore for housing and urban infrastructure programmes.

• Proposed Memorandum amendment would authorize borrowing in foreign currency from banks, financial institutions or eligible entities in India or abroad.