HUDCO reports drop in profits

Housing and Urban Development Corporation (HUDCO) has reported a marginal decline in its net profit to Rs 202.10 crore in the July to September period this year, against Rs 205.53 crore in the same period last year. Total income of the company increased to Rs 965.75 crore in the September quarter this year, compared with Rs 857.06 crore in the same period last year. The state-run firm made its stock market debuted in May. The company focuses mainly on loans to state governments and agencies. It housing finance business accounts for 30.9% of the total outstanding loans of Rs 36,386 crore, while urban infrastructure finance loans and project-linked bonds account for the rest 69.1%.