Buy Housing and Urban Development Corporation, target price Rs 85: ICICI Direct

ICICI Direct has buy call on Housing and Urban Development Corporation with a target price of Rs 85. The current market price of Housing and Urban Development Corporation is Rs 65.19. Time period given by analyst is 6 months when Housing and Urban Development Corporation price can reach defined target.

Housing and Urban Development Corporation, incorporated in the year 1970, is a Mid Cap company (having a market cap of Rs 13482.80 Crore) operating in NBFC sector.

Housing and Urban Development Corporation key Products/Revenue Segments include Interest, Rental Income, Income From Sale Of Share & Securities, Fees & Commission Income, Sale of services and Dividend for the year ending 31-Mar-2022.


Financials
For the quarter ended 30-06-2023, the company has reported a Consolidated Total Income of Rs 1851.27 Crore, down -.60 % from last quarter Total Income of Rs 1862.41 Crore and up 5.35 % from last year same quarter Total Income of Rs 1757.32 Crore. Company has reported net profit after tax of Rs 445.70 Crore in latest quarter.

Investment Rationale
As a play on India’s infrastructure story, HUDCO offers steady business growth with steady operational performance and asset quality. Low capital consumption to ensure no equity dilution with healthy dividend payout.

Promoter/FII Holdings
Promoters held 81.81 per cent stake in the company as of 30-Jun-2023, while FIIs owned 0.32 per cent, DIIs 7.17 per cent.