New Delhi, Jan 22 (PTI)) Housing and Urban Development Corporation Ltd (HUDCO) on Wednesday reported a 42 per cent increase in consolidated net profit to Rs 735.03 crore for the December quarter on the back of higher income.

It said it has signed an MoU with Vadhvan Port Project Ltd (VPPL) to explore the possibility of providing funds up to Rs 25,000 crore.

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Its net profit stood at Rs 519.23 crore in the year-ago period.

Total income increased to Rs 2,770.14 crore in the third quarter of this fiscal year from Rs 2,022.94 crore in the corresponding period of the preceding year, according to a regulatory filing on Wednesday.

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The company has signed a Memorandum of Understanding (MoU) with VPPL, a joint venture of JNPA (Government of India) and Maharashtra Maritime Board (MMB), an entity of the Government of Maharashtra.

"Through this MoU, HUDCO shall explore and provide funds up to Rs 25,000 crore for development of new ports/PPP projects of VPPL," the filing said.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)