HUDCO's Q2 Net Profit Flies 52% To ₹688 Cr, Shares Rocket

HUDCO reported its earnings for the quarter ended September just before market close on Tuesday. Shares of the company skyrocketed as soon as the results came out.

What Happened: The company's net profit for the quarter under review stood at ₹688 crore, a 52% jump from the ₹452 crore posted in the same quarter last year.

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Net interest income — the difference between a lender’s income from lending activities and interest paid to depositors —  stood at ₹797 crore, a 25% jump from the ₹637 crore reported in the corresponding quarter last year.

Analysts at Sharekhan expected the company’s net interest income to come in at ₹799 crore with a net profit of ₹557 crore.

The company's revenue from operations has gone up 35% year-on-year to ₹2,517 crore, compared to the ₹1,864 crore posted in the corresponding quarter of the previous year.

Price Action: HUDCO’s share price was up 6.83% to trade at ₹218 on Tuesday.

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