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HCC posts Rs 180 crore net profit in Q1 FY22, Real Estate News, ET RealEstate

HCC posts Rs 180 crore net profit in Q1 FY22, Real Estate News, ET RealEstate
NEW DELHI: Hindustan Construction Company (HCC) on Thursday reported a consolidated net profit of Rs 179.98 crore for the quarter ended June 2021. The company had clocked a net loss of Rs 409.26 crore in the corresponding period of 2020-21, it said in a filing to the BSE.

Total income during the quarter stood at Rs 2,503.29 crore, compared to Rs 1,689.82 crore in the year-ago period.

The firm’s total expenses rose to Rs 2,579 crore from Rs 1,989 crore earlier.

In a statement, the company said it has sustained its operations momentum despite the devastating second wave of COVID-19.

“HCC, in a joint venture, has been awarded a contract worth Rs 1,147 crore by Chennai Metro Rail Limited. The total orderbook stood at Rs 17,575 crore by June 30, 2021,” it said.

Approvals from lenders are well underway for HCC’s debt resolution plan, which will substantially deleverage the company and place it on a strong growth footing, it added.

“Funds related to the recently concluded NH34 BOT conciliations were received by the respective SPVs from NHAI during this quarter. The onward release of funds to HCC Group companies is expected shortly,” the statement said.


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