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ICICI Direct Report
Housing and Urban Development Corporation Ltd., a Miniratna company, plays a key role in various government schemes to develop Indian housing and urban infrastructure.
HUDCO reported a weak set of Q1 FY21 numbers wherein muted topline and surge in provisioning dented profit after tax growth.
Moratorium increased from approximately 25% in Q4 FY20 to approximately 37-38% as of June 2020.
Advances growth was muted at 3% YoY at Rs 78,179 crore due to slower economic activity.
Housing loan growth was healthy at 7.6% YoY at Rs 45,868 crore while urban infrastructure book de-grew 2.2% YoY to Rs 32009 crore.
In terms of loan composition, government agencies accounted for approximately 96.3% of advances while loans to private companies accounted for 3.64% of total loan book.
Disbursements for the quarter was at Rs 2,285 crore with a substantial portion of disbursements skewed towards low yielding social housing segment at Rs 2,200 crore (approximately 96.3% of total disbursements).
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