Housing and Urban Development (HUDCO) Q4 13/14 earnings summary

Executive summary

• FY14 earnings and lending grew despite subdued economic conditions; financing remained focused on affordable housing and urban infrastructure.

• Sanctions of ₹17,491 crore and releases of ₹7,438 crore exceeded MoU targets of ₹15,000 crore and ₹6,602 crore, respectively.

Financial highlights

• Revenue was ₹2,993.85 crore vs ₹2,923.24 crore YoY; reported PBT after prior-period adjustment was ₹1,094.35 crore vs ₹1,061.70 crore.

• PAT was ₹726.34 crore vs ₹700.56 crore; EPS was ₹362.83 vs ₹349.95 on ₹1,000 face value.

• Net worth was ₹7,056.77 crore at 31 Mar 2014 vs ₹6,427.11 crore; loan outstanding rose to ₹29,341.82 crore from ₹25,936.52 crore.

Outlook and guidance

• FY15 MoU targets: sanctions of ₹16,100 crore and disbursements of ₹7,300 crore, with emphasis on social housing and core infrastructure.

• Priorities include affordable rural and urban housing, Smart Cities, Housing for All by 2022, green construction, new products and increased non-interest income.

• The stated Mission 5 Ones targets include one million houses annually, ₹1,000 crore PAT and a 1 percentage-point annual reduction in gross NPA.