HUDCO Q3 Net Profit Surges 42% to Rs 735 Cr

New Delhi, Jan 22 (PTI)) Housing and Urban Development Corporation Ltd (HUDCO) on Wednesday reported a 42 per cent increase in consolidated net profit to Rs 735.03 crore for the December quarter on the back of higher income.

It said it has signed an MoU with Vadhvan Port Project Ltd (VPPL) to explore the possibility of providing funds up to Rs 25,000 crore.

Its net profit stood at Rs 519.23 crore in the year-ago period.

Total income increased to Rs 2,770.14 crore in the third quarter of this fiscal year from Rs 2,022.94 crore in the corresponding period of the preceding year, according to a regulatory filing on Wednesday.

The company has signed a Memorandum of Understanding (MoU) with VPPL, a joint venture of JNPA (Government of India) and Maharashtra Maritime Board (MMB), an entity of the Government of Maharashtra.

"Through this MoU, HUDCO shall explore and provide funds up to Rs 25,000 crore for development of new ports/PPP projects of VPPL," the filing said.