HCC Q4 net profit drops 7.31 pc to Rs 19 cr

Infrastructure major Hindustan Construction Company (HCC) today reported a 7.31 per cent decline in its standalone net profit at Rs 19.14 crore for the March quarter.

The company had posted a net profit of Rs 20.65 crore in the year-ago period, it said in a BSE filing.

Its total income from operations increased to Rs 1,196 crore in January-March of 2015-16 as against Rs 1,175 crore in the year-ago period.

For the year, the company said, "HCC has registered a net profit of Rs 84.97 crore in FY 2015-16, compared to Rs 81.65 crore last year."

"The operating profit grew by 5.1 per cent (Rs 812.4 crore in FY 2015-16 vs Rs 773.3 crore in FY 2014-15). The turnover was at Rs 4190.9 crore compared to Rs 4,301.1 crore, in the previous year," it added.
 

The company, however, did not provide consolidated figures for the quarter.

For the year, it incurred a loss of Rs 318 crore on a consolidated basis.

In 2015-16 fiscal, the company secured 9 new orders worth Rs 5,764 crore and was the lowest bidder in projects worth Rs 3,701 crore.

During the last fiscal, Rs 646 crore worth of arbitration awards were received in favour of the company and accordingly it has about Rs 3,041 crore of receivables on account of these awards which are being aggressively pursued for early collection, it said.

HCC Chairman and Managing Director Ajit Gulabchand said: "HCC has significantly improved its order book, which will help raise our turnover to bring down the interest cost in coming years.

"Our efforts on bringing operational efficiency and cost management have yielded results with high project EBIT margins over last eight quarters."

"Budget for fiscal year 2016-17 has earmarked Rs 2.21 lakh crore for infrastructure sector, which will put the industry on the growth trajectory and we are well poised to leverage this opportunity," it added.

The HCC Group, with a group turnover of Rs 8,768 crore, comprises HCC Ltd, HCC Infrastructure Co Ltd, Lavasa Corporation Ltd and Steiner AG in Switzerland.

HCC shares today closed 1.79 per cent down at Rs 22 apiece on BSE.