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Hindustan Construction Company (HCC) on Thursday reported a 129 per cent rise in consolidated net profit at Rs 319.03 crore for the quarter ended September 30, 2022, on the back of improved operational efficiencies.
The company had posted a consolidated net profit of Rs 139.23 crore in the year-ago period, HCC said in a filing to BSE.
However, the consolidated income of company during July-September period dropped to Rs 2,515.15 crore, from Rs 2,834.84 crore in the year-ago period, the filing said.
The consolidated expenses of HCC declined to Rs 2,423.88 crore, as against Rs 2,736.23 crore earlier.
HCC's strong operational performance and earnings during the quarter were achieved due to improved operational efficiencies through a leaner and efficient organisational structure, the company said in a statement.
HCC successfully concluded its debt resolution plan during the quarter, duly supported by 23 banks and financial institutions.
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The company said that it has transferred Rs 2,856 crore of lenders' liability along with beneficial economic interest in arbitration awards and claims of Rs 6,508 crore as consideration to a Special Purpose Vehicle (SPV).
"The SPV debt is significantly overcollateralised and is expected to be fully serviced from its own receivables. This will address HCC's asset-liability timing mismatch, besides achieving a material de-leveraging, with the focus of the Company shifting to securing new orders for its growth phase," it said.
HCC has constructed 26 per cent of the country's hydro power generation and 60 per cent of nuclear power generation capacities, over 4,036 lane kms of expressways and highways, more than 360 kms of complex tunnelling and 395 bridges.
HCC serves the infrastructure sectors of transportation, power and water.
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