Housing and Urban Development (HUDCO) Q4 12/13 earnings summary

Executive summary

• FY13 net profit reached a record ₹700.56 crore vs ₹630.33 crore YoY; revenue was ₹2,923.24 crore vs ₹2,778.63 crore.

• Loan sanctions hit a record ₹23,974 crore across 140 schemes; releases were ₹6,079 crore and outstanding loans ₹25,936.52 crore.

• Lending remained focused on affordable housing and urban infrastructure; 96.81% of the 439,286 dwelling units sanctioned were for EWS/LIG households.

Financial highlights

• Revenue from operations was ₹2,866.35 crore vs ₹2,738.36 crore; total revenue ₹2,923.24 crore vs ₹2,778.63 crore.

• PBT after prior-period adjustments was ₹1,061.70 crore vs ₹939.97 crore; PAT was ₹700.56 crore vs ₹630.33 crore.

• Basic and diluted EPS were ₹349.95 vs ₹314.87; proposed final dividend was ₹150 crore, the highest amount paid to shareholders to date.

• Reserves and surplus rose to ₹4,512.06 crore from ₹3,986.99 crore; gross income in the five-year highlights was ₹2,923.24 crore.

Outlook and guidance

• FY14 GDP growth was projected at 6.1–6.7%, with lower inflation, easier interest rates and improved investment sentiment expected to support housing and urban infrastructure.

• Mission Five Ones set two-year goals: 1 million houses/year, ₹1 lakh crore cumulative releases, ₹1,000 crore PAT, 100 urban local bodies assisted/year and 1% annual NPA reduction.

• FY14 MoU targets cover sanctions, releases, borrowing cost, incremental spread, gross margin and NPA, alongside HRD, CSR, sustainable development and R&D.