Housing & Urban Development Corporation Ltd (NSE: HUDCO) Q3 2026 Earnings Call dated Feb. 04, 2026
Corporate Participants:
Unidentified Speaker
Sanjay Kulshrestha — Chairman and Managing Director
Daljeet Singh Khatri — Director, Finance
Analysts:
Unidentified Participant
Rati Pandit — Analyst
Presentation:
operator
Good evening ladies and gentlemen and welcome to the Housing and Urban Development Corporation Limited Q3FY26 earnings conference call hosted by TAM Capital Advisors. As a reminder, all all participant lines will be in the listen only mode and there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during this conference call, please signal an operator by pressing Star then zero on your touchstone phone. Please note that this conference is being recorded. I now hand the conference over to Mr. Sanket Cheta from DAM Capital Advisors. Thank you. And over to you sir.
Unidentified Speaker
Hi, Good afternoon to all of you. We have with us today the management team of Urco to discuss their Q3 results. So from the management side we have Mr. Sanjay Kulachetra who is a chairman managing director. Mr. M. Nagaraji who is a director corporate pyramid. Mr. Daljit Singhari who is director finance and Mr. Achary Gupta who is General Managers and General Manager Finance. Without further ado, I will hand the call over to MD sir for his opening remarks. We will follow that up with question and answers. Over to you sir.
Sanjay Kulshrestha — Chairman and Managing Director
Yes, thank you. So let me give the background of the today’s earning call as we proceed.
Whatever guidance we had already given to the market from last two years. From time to time we are adhering to those guidances. We are continuing to grow around 25% in our loan book. At the same time we are reducing our cost of funds and diversifying. By the time RBI has given us the mandate to become infrastructure finance company we are extending and diversifying our asset base into the various segments. We are adding up a lot of new borrowers in our kitty. We are working very extensively and aggressively towards the resolution of the NPA assets and we are successfully resolved most of them.
Quite a few are also their balance. And now our net NPA is just close to zero. It is around 0.06%. Continually we are working and making out efforts to supplement the effort of the Government of India towards the Viksit Bharat and identifying our role and responsibility and supplementing the efforts through debt financing as well as the creation of the value across the value chain and working very closely with the urban local bodies. Recently you may have aware we have launched a very big platform you can say in terms of urban Invest window which will become a one stop solution for from creation of the projects to make it bankable financial closure inviting the investors Hutco loan and convergence from the Government of India schemes.
Government has also announced one big program to upgrade and enhance the capacity of the project implementation For ULB that is Urban Challenge Fund. So very shortly we are hopeful that the policy will take its shape which is under discussions from last nine months. So many stakeholder discussions had already happened. Now the ULBs are on board and very soon the guidelines will come. At the same time, if you have seen the budget because if you see the last week there are three, four important events that has done in the Indian economy. Starting from the economic survey to the general budget and the Finance 16 Finance Commission.
So if you see the latent of all these, all these conversations and the document everything is focused towards the sustainable urban, the bankable urban and the viable urban. Because we all believe that we have to create cities of the global standard. We have to see that how the rural economy will work. And that’s why if you have seen the finance commission has put in lot of emphasis on the rural development, lot of emphasis on the urban reform starting from the conservation of the resources like water, logistics, books, financials. So lot of emphasis has been given and at the same time lot of financial incentives are also been given.
So this is an era of urban development because we have to create that kind of urban bodies which will. Which will look at the project as a bankable options and Hutco as a premium institution which is not agnostic to any sector. So we are very hopeful that it will further reinforce our business. It will ensure our business and at the same time we will see the bankable projects are coming up at the national landscape. Thank you so much. Now we are ready for the question answer. So anything. We are ready as a management to answer the question.
Questions and Answers:
operator
Thank you very much. We will now begin the question and answer session. Anyone who wishes to ask a question may press star and one on the touchstone telephone. If you wish to remove yourself from the question queue you may press star and two participants, you are requested to use handsets while asking a question. Ladies and gentlemen, we will wait for a moment while the question queue assembles. We have a first question from the line of ARUL from Casema Wealth Private Limited. Please go ahead.
Unidentified Participant
Hi, thanks for opportunity. Am I audible?
operator
Yes, you’re audible. Yes, of course.
Unidentified Participant
Yeah, yeah. Regarding this net loss on fair value changes which is 470 crore in the nine months FA 26. So I believe this is from the SCNR borrowings, right? So. So what is the plan going forward? Because we have already reduced the FCNR outstanding significantly from 15,000 crore to 5,000 crore. So are we going to completely come out of this? So what will be the impact on the cost of that in that case. That’S my first question.
Sanjay Kulshrestha
Yes, you are right. You are right. It is the impact of the FCNR borrowing on which we had taken lot of incentive in around first six months or seven months. And then because of the currency fluctuations. Okay. So things has gone out of the hedging limits and okay, this is, I think the, this may be the last quarter. Current quarter will be the last quarter. And now we had added to. To not take the one year fcnr.
Unidentified Participant
Okay. So completely it will be zero in the going forward, right? Future.
Sanjay Kulshrestha
Yeah, it will be this, this will be the last quarter. Fine. And from next quarter there will not be any impact.
Unidentified Participant
Yeah, clear sir. And one more thing regarding this ECBs I think it is 100% hedge, right. External borrowings. So there will not be any impact on that. So the average cost you have mentioned us around 6%. So this 6% is including the hedging cost or hedging cost is not included in the 6%.
Sanjay Kulshrestha
Yeah, these are long term loans on which we had taken a hedging and we had taken the protection label as high as whatever the best is available for next five years, 15 years.
And on the historic values only we had taken the protection label. And these are hedged kind of resources.
Unidentified Participant
Okay, so it included the hedging cost whatever the 6% you have given.
Sanjay Kulshrestha
Yes, it includes these are Japanese currency loan. That’s why options.
Unidentified Participant
Okay sir, thank you. Thank you for the opportunity. So wish you all the best. Thank you.
Sanjay Kulshrestha
Thank you. Thank you.
operator
Thank you. We have the next question from the line of Sumitra from Smartson Capital Ltd. Please go ahead.
Unidentified Participant
Yeah. Hi sir, I wish you a very good evening to you and your entire team. Now sir, I have a few questions so I’ll just take it slowly. So I’ll just take it step by step. So sir, firstly you know, if I. If I recall correctly in this budget the government has actually authorized more money to the states which is to the tune of 2 trillion rupees. Okay. Now this is actually a 33% increase in the allocation to states. Now sir, since we basically lend you know to states and you know we focus on infrastructure, is my understanding correct that you know this will be very, very positive for us.
That’s my first question sir. My second question sir is basically that if I see your 9 month the earlier participant did touch upon the FCNR issue. So sir, if I just put the entire you know foreign exchange loss, what we have Is for the nine months. My understanding is that is it 350 crore. So that means Our pat is actually at about 2400 crore versus 1900 crore in the nine months preceding last year. So effectively it means that your growth in profit is actually equal to your growth in loan book. So if my. So is our understanding correct on that front sir? My third question sir is basically that you know if we have a spread of about 2% or ROAS are about 2% and you know we are targeting a 3 lakh crore loan book which is basically what you guided for in the past which I think will happen much earlier than what you’ve said.
My sense is by FY29 you could get there. So that means for is my understanding correct that our profits will be higher than the 6,000 crore mark in the next couple of years which today should be about 3,000. So is that you know also understanding correct? And my last question to you sir is basically can you please highlight you know what is the total amount of MOUs which we have signed today and what is the conversion of the mous into basically you know sanctioning and then the duration from you know sanctioning to disbursement. Sir, thanks.
Thanks a lot sir.
Sanjay Kulshrestha
Yeah, thank you Sumit. I think very pertinent questions. I think first you had asked regarding the FCNR. The total loss on FCNR for nine month is 470 crore. So if you add this value of 470 crores in our profits it will be around 2500 against 2000 odd crores. So there is a loss which is one time and this quarter will be the last for that. So yes you are right actually it is not 360. It is 470. And second is we are trying to achieve this 3 lakh crore loan book which we are trying by 2030.
And lot of efforts we are taking and there are lot of support from the government of India schemes, policies or legislations and capital infusion. So a lot of clarity had came in the urban sector that definitely there will be a push for creation of urban infrastructure. So with 2% of the spread it’s a arithmetic on 3 lakh which will be double from 1.5 to 3 lakh. So you are right we will be something around that with 2% of the spread. Total MoUs that we had signed around 7 to 8 lakh crores. But off late now we had the.
We had made a slight change in our policy that first we need to identify the project and after identification only we will be. We will be going for the MOU signing because we need. We want to see that what is the preparation preparedness of the states? Already 7 to 8 lakh crores MoUs are signed and out of which we have a committed, committed loan sanction pipeline of around 2.5 lakh crores. So it is not like that. Everything is coming out of MoU. There are many other projects which are not the part of the MoU. But since we are working through our regional offices and understanding the need of the utilities and the estate.
So other than the MoU also there are a lot of projects that we have sanctioned during the current year. And if you have seen in the present year only we have sanctioned around 1.4 lakh crore. So with a commitment sanctions of around 2.5 lakh crores I am very sure that we will be achieving the figures of 3 lakh.
Unidentified Participant
Sir. I mean, I mean if I may ask you that this 2.5 lakh crore which is now sanctioned so you should disburse this by, by, by, by venture. So normally what’s the timeline between sanctioning and disbursement?
Sanjay Kulshrestha
Generally If I sanction one project so it takes six to one years of the time to start the disbursement. Generally 20% disbursement comes in the first year. And these projects have long gestation infrastructure projects. So it takes three to four years of the time. So for 2.5 lakh crores you can say starting from the 30,000, 40,000 crores in the last sanction project it will continue to rise from 30% then 40% and the balance one then the last year will be around 20 to 25%.
Unidentified Participant
Understand? Understand. Okay, great sir. And so just on the first point which I asked you about the state, you know, in the, in this budget because today only you know I was just on, on a call with one of the global anglers and you know they highlighted this statistic very clearly that you know that the money allocated to states is about 33% higher than the preceding. So I mean will that actually help stimulate our growth as well?
Sanjay Kulshrestha
Yeah, you are very right. These are the Saski loans extended by the government of India. And this is, this initiative has been taken 3 years back and now it stands at 2 lakh crores. Actually these loans are long term loans. 50 years loan. Earlier also it was around 1.5 lakh crores in the last financial year which has raised to 2 lakh crore. Because if you see government wants to push the reforms, these are all reform based kind of incentives that the government of India is extending to the state government. And Saski loan is One of that which has lot of strings attached.
But I am very happy that the states are complying to those strings and they are developing that kind of sustainable infrastructure. And I will just like to extend in this finance commission also there is a grant of 56,000 for say water recycling which will be extended to the ULBs for coming up with the water kind of project. There is another grant for the performance or issuance of the bonds also that 100 crores of on thousand crores of the bond issuance will be given. So all these things which are supporting the cause of creation of the urban infrastructure.
I think hardcore will be the best beneficial institution out of all all these initiatives. Because you know without borrowing completion of the big infrastructure project is not possible. So this will become a catalytic kind of agent. This will become a VGF kind of support. This will, this will come as a viable. To create a viable kind of project for the state.
Unidentified Participant
Got it. And so. And just one last thing. I mean firstly you know by my many congratulations to you and your team. Because you had guided for one like 50,000 crore by FY26. But you’ve crossed 155 already. So what’s your guidance now? Sir? I mean. So you know now I mean how are you looking at guidance for. I mean end of this quote this quarter plus for next year. So if you can share your guidance then that would be wonderful. Sir.
Sanjay Kulshrestha
We had make a internal policy that we will. We will divide the disbursement across the year. And the same principle we are following for this financial year our target is around 50,000 crores of off disbursement. And with this you can. You can calculate the kind of loan book. And we are giving a result of around 25%. So I think it’s a simple arithmetic that you can do.
Unidentified Participant
Okay fine. Thank you so much and wish you all the best sir. Good luck sir.
Sanjay Kulshrestha
Thank you so much. Thank you so much.
operator
Thank you. A reminder to all the participants. You may press star and one to ask a question. We have the next question from the line of Rati Pandit from Nirmal Bank. Please go ahead.
Rati Pandit
Hello. Thanks for taking my question. My first question is that you have given a guidance of 50,000 crore disbursements this year. But for this year and next year what will be your repayment trend like? And my second question is on the net interest margins we have seen them falling to around 2.88% in nine months of FY26. So is it because the growth has been backended or there is Some other reason. And what is our outlook ahead? And what are the factors which will drive the NIMS ahead? Yeah. So these two questions I’m having.
Sanjay Kulshrestha
So repayment is around 5,000 crores that we are getting. 17, 18,000. So around 4,000 to 5,000 crores every quarter. So you can say around 17 to 18,000 crores per annum. This is our repayment. And regarding the nims, as you have asked, you are right that there are some disbursement which were backloaded. So on year to year basis you will see that it will be around 3.3.1% kind of NIM that we will maintaining. And there is no internal issue on that.
Rati Pandit
Okay. And with respect to bank borrowings, what part of them are EBLR linked and MCLR linked?
Sanjay Kulshrestha
All are e. All are eblr. The banks. All are from the banks. They are EBR EBLR linked.
Rati Pandit
Okay. Okay.
Unidentified Speaker
Yeah. As. Hi, Good afternoon. Daljit Singh Khatri, Director Finance. As CMD sir has said, most of my bank borrowings are linked with external benchmark only. The bonds, they are of fixed nature. But entire banking is of variable nature linked to repo rate or the T bill.
Unidentified Participant
Okay. And on the asset side what part of the assets are fixed and how many are on one year reset and three year reset?
Sanjay Kulshrestha
I think around 60% of my book is 1 year linked. And 30 to 40%. 30% is 3 year linked and rest is fixed. Also 5 to 7% is fixed rate.
Unidentified Participant
Okay. Okay. And my last question is on the NPA resolution. So for the remaining lot of projects which we are having which are under consortium and outside consortium how does the resolution trajectory look like ahead?
Sanjay Kulshrestha
As CMD sir has said in the beginning that our total focus is on resolution of NP assets. And we have resolved around 500 crores in the previous financial year. And in this current financial year also NPAs aggregating to around 385 crores we have already resolved. And now we are left with only 1,600 crores of NPAs gross NPAs out of which around 800 crores is under liquidation through NCLT. So we’ll be left with around another 7 to 800 crores. And we are hopeful that we will be able to resolve most of them by the end of next financial year.
Unidentified Participant
Okay. So that’s it from my side. Thanks a lot.
operator
Thank you. We have the next question from the line of deviant Joshi from 93 Capital. Please go ahead.
Unidentified Participant
Hello, sir. Congratulations. I wanted to ask you that as we are pivoting towards financing infrastructure beyond housing. So you are entering a space crowded by aggressive commercial banks and other NBFCs. Right. So what yield differentials on this new infrastructure? What is the yield differential in these new infrastructural loans?
Sanjay Kulshrestha
So I think we have our own space of working and that’s why our loan book is continually increasing even though the competition is there. But I think the competition is good for the country and I think every institution if you are talking about the. The competition from the banks we are working in some of the project along with the banks also there are some forte where only Hutco can fund. And because of our reach and penetration across the state and the understanding of their policies supporting the government of India projects in terms of say counterpart requirement under Amrit or Swakshbar generally these kind of products didn’t work well with the banker.
So we have our niche kind of project identified for Hutco. Banks have their own. But apart from that we are working with the banks and now we had came out with the financing of the private sector also the PPP models and we had identified five sectors where we generally will work with the bankers and other financial institutions like real estate, road, port, airport and the energy transition. Other than that for Metro project we are converging with other financial institution working in the same space of Metro. So it is not like that there is only the competition, it is the collaboration also.
It is the specific area also where the hut.
Unidentified Participant
Okay, okay. Thank you so much. And one last question. What is the total value of loans under Moratarium or restructured status that have not been classified as stage 3 NPAs yet.
Sanjay Kulshrestha
There is no asset, I mean in.
Unidentified Speaker
The last eight to 12 quarters we have no addition of stage three assets in our book.
Unidentified Participant
Okay. And in future are we planning to add any.
Unidentified Speaker
No, no, never, never. We never planned to add some two stage three assets.
Sanjay Kulshrestha
I don’t think because of the strict monitoring being adopted by the company and from starting from the cash flows to security to the progress of the project cost quality. So extensive monitoring is being done. And if you see the SMA2 is also continuously reducing and as we speak all the SMA2 has been resolved.
Unidentified Participant
Okay, okay, okay. Thank you so much sir and have a great year on.
Sanjay Kulshrestha
Thank you so much.
operator
Thank you. A reminder to all the participants you may press star and one to ask a question. Participants, you may press star and one to ask a question. We have the next follow up question from the line of Sumit Rora from Smartson Capital Pre Ltd. Please go ahead.
Unidentified Participant
Just only one thing so effectively that this fourth quarter will be the last quarter where we’ll have you know some amount of forex impact or whatever. So if my understanding correct that from next from April onwards we will have no foreign. No foreign currency impact at all.
Sanjay Kulshrestha
Yes, that’s true. This will be the last question.
Unidentified Participant
Okay fine. I just wanted to get that clarity. Okay, thanks a lot. Thanks.
Sanjay Kulshrestha
Thank you.
operator
Thank you. We have the next question from the line of part from DAM Capital Advisors. Please go ahead.
Unidentified Participant
Hi sir. Thank you for the opportunity sir, just wanted to understand how is the ground level sense on in terms of infrastructure pickup and how are the state spends in terms of building the roads metro airports Where Hurco is seeing an enormous opportunity to grow.
Sanjay Kulshrestha
Right. Our director Mr. Nagraj will be answering this. Yeah.
Unidentified Speaker
Good afternoon. Very rightly you asked that. Let me give you a small example of hardcore’s portfolio. To begin with the metro. So we already Planning to have a 2 Metro already we have given a sanction under like Indore Bhopal. In addition that we are working with many number of metros in consultation with other like minded parties. Then let me come to airport. In the state of Andhra Pradesh entire two tier 3 cities are coming out with a big way in airports. We have funded four airports and also one international level airport at Kangra we are funding it.
So this is an airport sector when it comes to construction of water supply and sewage Like Godavari water supply scheme in Andhra Pradesh and also Jaljeevan mission in two states we have found it in a water supply and one more very unique area desalination of water in the state of Tamil Nadu nearby the coastal cities we are doing it. Plus in the city of Chennai Transit oriented development across four metro stations which is a very unique project we have funded plus also like a tourism where into different sectors in different places. I didn’t touch upon land exchange for transport sector number of projects we are funding it in a transport sector some of the IBAs I would like to give an example From Nagpur to the Goa this is called Sakti P, Texas rate and many such projects we are in the funding already funded plus also in the pipeline.
This is a small gist of project which I have just narrated. There are huge scope of funding in France.
Unidentified Participant
Yeah got it. In the general perspective. Yeah. No no sir please continue.
Unidentified Speaker
Am I audible?
Unidentified Participant
Yes sir. Yes sir.
Unidentified Speaker
Give you a general as Nagra has given you the specific project. If you see the ecosystem in the countries like every state wants to develop they don’t want to miss the opportunity. All states have A very diversified resources available with them. If AP has some geographical resource available with them from the coastal line to say solar radiation to truncation of the national highways then if you see the UP has land monetization, lot of new towns being developed. So every state is working to monetize their assets coming up with big infrastructure project. And if you see all the states are coming with the theme of some investment plan state investment plan or Suriname, Andhra Pradesh or vixit Rajasthan.
So every state is coming with a roadmap of development and that’s why we are talking about the VIXIT and a lot of FDI is coming continually Government of India is working on that. A lot of interest is coming and now the aspirations of the public that they need as a right that there should be good road, there is good sea rays, there is good water tapped water, there is good energy that is clean green energy. So all these kinds of aspirations are putting pressure on the system that they need this kind of infrastructure. And our models starting from the bot EPC ham all these things are so matured that now we are trying ham model even in the housing sectors.
So. So I think it is an era of development and another 2022 years by 2047 lot of, lot of infusion will come, lot of new infrastructure will come and the way we are growing the the economy will grow on that part.
Unidentified Participant
Got it sir. Thank you so much. One more thing I just wanted to understand. Sorry to double touch on this. You mentioned that transition losses would like likely get over by Q4 more. So because of your one year FCNR borrowings being I mean completely running down. So all the ECB borrowings which we still have, which you said you are hedge like for 15 years or so so those are complete hedging. And how confident is it that from next year we wouldn’t have any specific translation losses or minuscule translation losses on here. Just some details here would be really helpful.
Sanjay Kulshrestha
Sure our director of finance will answer this.
Daljeet Singh Khatri
Yeah Sumit these ECB is aggregating to around 10,000 crores. They are having a maturity of roughly 5 to 5 original maturity of 55 and half years and they will be due for redemption after three three and a half years. As coming to your question on hedging we have has the entire ECB borrowings through the option structures with extended protection under the EKI options like European knock in knockout options are there which provide additional safeguard over and above the forwards which are shown in the Bloomberg based on the date of maturities and in the near term we see this kind of volatility which we have seen in the last one year or so.
But considering the period of five years or 10 years, there has been only an average depreciation of three, three and a half percent. So we are confident that these protection levels are sufficient to protect us from any kind of volatility over a period of three to four years.
Unidentified Participant
That’s really. Thank you. That’s it. From my side.
operator
Thank you. We have the next question from the line of Neman Doshi from Fortis Group. Please go ahead.
Unidentified Participant
Yeah. Hi sir. Thanks for the opportunity. Firstly sir, if I look at our debt to equity currently it’s at a range of 6 to 6.5. And looking at the growth at what levels are we comfortable with debt to equity?
Daljeet Singh Khatri
Presently my debt equity ratio as at the end of 12-31-2025 is 7.28 times. Right. But we are in and we understand, we are continuously monitoring it that this is going up. But as such being nbfc, there is no upper cap on my debt equity ratio except that in case of external commercial borrowings there is a cap of 10 is to 1. But we are already on the job and we shortly will be coming out with instruments to improve our debt equity ratio. Primarily we are going to focus on coming out with the perpetual debt instruments which qualify as tier one capital.
And then we’ll think about other options which are available to us. And we plan to bring it back to less than 6% in the next two, three months.
Sanjay Kulshrestha
So just to add, since there is a growing demand in the market and we also want to grow. So definitely you are right, there is a pressure on that equity. But there are measures to attend. There are slightly costly measures. So that’s why we had not yet decided. We will decide regarding that measure and the call will be taken at the right time. And we are aware that it is around plus 7% and we have to be remain at around 7%. But if you see, you have to see on the yearly basis. So please wait till our results are out for the, for the 25, 26 and you will see that the figures are slightly improved.
And at the same time we will take a call on improvement as Director Finance has said to review to revisit this through the perpetual loans or something else.
Unidentified Participant
Perfect, I got it. Secondly sir, if I look at your overall loan book, your PMAI, any updates on PMAY 2.0 and how, how are we focused on doing this housing pie and any, any for any talks or mous with the states in this Brand.
Unidentified Speaker
So PMBA y 2.0 little slow. It started off, I think gradually we are picking up. Most of these states have started doing an assessment. This time what they are planning is that very structured way they are going it. They’re making an assessment then coming out the scheme by scheme. So a majority of these states in the northern sector has already started up in a way. Maybe I think next financial it will pick up in a big way.
Unidentified Participant
Got it. And lastly sir, what do you in your sense what could be your potential competitor in this space? Because the kind of growth and the kind of contract that we are witnessing coming from states. Is there a thing that government would come up or there would be another organization who would there would be a duopoly or players coming up in this space.
Sanjay Kulshrestha
See there are already organization and institutions starting from the bank to nesfed, Nabad to some extent REC and pfc. So I think institutions are already there working with the urban infrastructure segment. But if you see the demand is too much. We need the multilateral loans, we need the investors, we need the fdi. So if you see as per the high level committee report, the urban investment to the twin of around 80 lakh crores is required between 21 to 36. It amounts to around 7 to 8 lakh crores on annual basis. Presently we are doing only 2.2.5 crores yearly.
So there is a long jump that we need to do. And all these institutions are geared up to support this. And that’s why this Urban Challenge fund or a lot of new activities like issuance of the bonds to attract the investors. All these activities have been started by the government of India.
Unidentified Participant
Got it. So just to follow up on this, what would be our right to win considering the competition? Like you said, there is PSE REC also coming up with the merger soon. So I mean just to understand our right to win in this space in urban development, Urban infra development space.
Sanjay Kulshrestha
So rec PFC are a big organization and they are premierly working towards the power and energy. And if you see the requirement and power, energy, distribution, transmission, renewable energy, transition hydrogen, it is enormously high. Enormously high. And these institutions are catering to that kind of demands. And at the same time they are supplementing our efforts in some way. So maybe 10%, 15% or 30%, whatever they can take, they are taking but they are not taking hundred percent. The requirement is of hundred percent. So that’s why I will start from my last answer only. That’s where the NAFID is required.
NAFID is created Nabad is required. Is required. IFCL is required. So I think all these institutions have their own roles and responsibilities. And since we are an institution of strategic importance, working under mawa, who is actually taking care of the urban infrastructure knowingly? The policies of the Government of India from say Urban Challenge Fund or Metro or water or waste or sea waste, all these things are the domain of hardcore. So their domain is energy, our domain is urban infrastructure.
Unidentified Participant
Perfect. Thank you so much. All the best for your.
Sanjay Kulshrestha
Thank you.
Daljeet Singh Khatri
Thanks.
operator
Thank you. A reminder to all the participants, you may press star and one to ask a question. A final reminder to all the participants, you may press star N1 to ask a question. Ladies and gentlemen, that was the last question for today. I now hand the conference over to the management for the closing comments.
Sanjay Kulshrestha
Thank you so much. It was very good answering the questions from the fraternity and we had taken note of the concerns and we had answered and I am sure that you will be satisfied with the answers and if there is any follow up information required and then Mr. Achal Gupta and his team will be there to support you. We are open for all the market information from time to time and I hope we will be meeting very soon. At the same time, whatever guidance we give to the market, we adhere to that guidance. So we don’t want that we will be overachieving or underachieving.
So whatever we have planned, we come out to the market in a very transparent and very clear terms. Whether it is forex losses, whether it is cost of funds, whether it is loan book, whether it is different kind of infrastructure that we are doing or whatever works we are doing. And I think on week to week basis we have a very close kind of interactions through the media, through electronic media or through interviews. So please stay connected with Hudco and I can assure you that the growth path that we are continuing, it will be continued for for the year.
And thank you so much for having interest in the hardcore. Thank you so much.
operator
Thank you very much on behalf of Dan Capital Advisors. That concludes this conference. Thank you for joining with us today and you may now disconnect your lines. Thank you very much everyone.