State-owned HUDCO today reported a 21 per cent decline in net profit at Rs 315.36 crore for the fourth quarter ended March 31, 2017. Its net profit stood at Rs 398.21 crore in the year-ago period, the company said in a regulatory filing. Total income also fell to Rs 906.85 crore for January- March quarter of 2016-17 fiscal from Rs 992.52 crore in the corresponding period of the previous year. During the full 2016-17 fiscal, the company’s net profit increased to Rs 841.81 crore from Rs 783.79 crore in the previous year. Total income rose to Rs 3,584.84 crore in the last fiscal from Rs 3,302.20 crore in the 2015-16 fiscal. HUDCO recently concluded its Rs 1,200 crore Initial Public Offer (IPO) and shares were listed on May 19.
The company has established itself as a premier techno- financing company and funds housing and urban development projects in the country. Apart from the financing operations, Hudco offers consultancy services, promotes research and studies and help propagate use of local building materials, cost-effective and innovative construction technologies.