Housing and Urban Development Corporation (HUDCO) reported a 172% increase in consolidated net profit to ₹1,981 crore for the quarter ending March 2026, primarily due to a substantial deferred tax credit of ₹1,530.32 crore. The company's consolidated revenue grew by 25.3% to ₹3,563 crore, while net interest income (NII) rose 16.6% to ₹1,149.7 crore compared to the previous year. Despite these positive figures, HUDCO faced a decline in profit before tax, which fell to ₹621 crore from ₹1,020 crore in the same quarter last year. This decline was attributed to a 64% increase in operating expenses, totaling ₹3,004 crore, driven largely by a net loss on fair value changes amounting to ₹466.40 crore. Excluding the one-time tax credit, the overall earnings performance showed weakness both quarter-on-quarter and year-on-year.