Housing and Urban Development (HUDCO) Q4 06/07 earnings summary

Executive summary

• FY07 profit after tax was Rs. 308.38 crore; loan sanctions reached Rs. 12,162 crore across 287 schemes, while disbursements were Rs. 3,453 crore.

• Performance balanced housing support for EWS/LIG beneficiaries with financing for urban infrastructure; priority-category housing exceeded 84% of dwelling units sanctioned.

Financial highlights

• Income from loans, investments, deposits and other sources was Rs. 2,608.22 crore; total expenditure was Rs. 2,143.33 crore and profit before tax was Rs. 466.94 crore.

• Net profit was Rs. 308.38 crore versus Rs. 260.24 crore in FY06; reserves stood at Rs. 1,911.59 crore at March 31, 2007.

• Board recommended a final dividend of Rs. 20.68 crore; reported EPS was Rs. 154.04 versus Rs. 130.00 in FY06.

Outlook and guidance

• NHB projected a housing shortage of 80 million units, including repairs and upgrades, and housing investment needs of Rs. 10 lakh crore for 2007–12.

• Master-plan assignments covered eight Bihar cities, Bokaro and Deoghar; Jaipur bus terminal development and Ghana township consultancy were under consideration or proposal.

• Reverse Mortgage Backed Securities were expected to expand housing-finance opportunities for senior citizens.