HUDCO, MPUDCL ink ₹1 lakh crore MoU to boost housing and infrastructure projects in Madhya Pradesh

State-owned Housing and Urban Development Corporation Limited (HUDCO) on Friday (July 11) said it has signed a Memorandum of Understanding (MoU) with Madhya Pradesh Urban Development Company Limited (MPUDCL) in Indore.Under the non-binding MoU, HUDCO will extend financial assistance of ₹1,00,000 crore over a period of five years for various housing and infrastructure projects in Madhya Pradesh. Alongside financial support, HUDCO will also provide consultancy services and capacity-building assistance to ensure effective implementation of the proposed projects.

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The signing ceremony was attended by Dr. Mohan Yadav, Chief Minister of Madhya Pradesh, Kailash Vijayvargiya, Minister of Urban Development and Housing, Madhya Pradesh, and Sanjay Kulshrestha, Chairman & Managing Director of HUDCO, along with other dignitaries.Fourth Quarter ResultsHUDCO reported a 4% year-on-year growth in its net profit at ₹728 crore in comparison to the same quarter last year. Net Interest Income (NII) or core income for the lender increased by 26% to ₹962 crore from ₹761 crore it reported in the year-ago quarter.

HUDCO’s Assets Under Management (AUM) grew 35%, exceeding its guidance of over 30%. The net interest margin (NIM) stood at 3.22%, slightly above the guided figure of 3.2%. The company’s asset quality also improved, with Gross Non-Performing Assets (NPA) declining to 1.67% from 2.71%, and Net NPA reducing to 0.25% from 0.36%.

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The board of HUDCO has also recommended a final dividend of ₹1.05 per equity share on the face value of ₹10 each, for the financial year 2024-25. This will be subject to the approval of shareholders in the ensuing Annual General Meeting (AGM), the company said in an exchange filing.

Shares of Housing & Urban Development Corporation Ltd ended at ₹230.65, down by ₹0.65, or 0.28%, on the BSE.