HUDCO reported its earnings for the quarter ended June on Monday evening.

What Happened: The company’s net profit for the quarter stood at ₹557 crore, up around 25% from the ₹445 crore posted in the corresponding quarter of the previous year. The company’s total revenue from operations came in at ₹2,188 crore, up around 18% from the ₹1,842 crore posted in the same quarter of the last year.

Expenses for the April-June quarter also saw a 20% increase to ₹1,512 crore, compared to the ₹1,253 crore posted in the corresponding quarter of the previous year.

See Also: IRFC Sees Q1 Net Profit Inch Up To ₹1,576.8 Cr, Revenue At ₹6,765 Cr

Earlier in the month, the company announced the signing of a non-binding Memorandum of Understanding (MoU) with RITES. This collaboration aims to jointly undertake a wide range of consultancy and fee-based projects, leveraging the expertise of both organizations.

In July, a non-binding MoU was signed between HUDCO and the government of Rajasthan in Jaipur. This in-principle agreement aims to provide financial support for various housing and urban infrastructure projects across the state, subject to mutually agreed terms and conditions.

Price Action: HUDCO’s share price was up 2.7% to close at ₹300.10 on Monday.

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