Hindustan Construction Company’s net profit at Rs 139 cr in Q2 FY22
Real Estate

Hindustan Construction Company’s net profit at Rs 139 cr in Q2 FY22

Hindustan Construction Company (HCC) recorded a net profit of Rs 139.23 crore in Q2 FY22, compared to a net consolidated loss of Rs 476.61 crore in Q1 FY22.

The net consolidated total income of the company stood at Rs 2,848.20 crore during Q2 FY22, with a 56% growth from Rs 1,831.10 crore during Q2 FY21.

The company's total order book stood at Rs 16,632 crore by the end of September 2021.

The company said that it accumulated losses of Rs 3,912.64 crore on 30 September 2021, which resulted in the complete erosion of its net worth. The holding company continues to default on the payment of the lenders, along with costs overdue to operational creditors.

It added that the company's debt resolution plan continues to have support from lenders with continual and ongoing receipt of lender board approval. Delay in implementing the resolution plan resulted in the accrual of higher interest costs during FY22.

HCC is focusing on securing its new orders for business growth to capitalise on the opportunities in the infrastructure sector and expects order acquisition to expand after the resolution plan.

Image Source

Also read: Sobha Limited reports 198% jump in net profit at Rs 48.30 cr in Q2

Hindustan Construction Company (HCC) recorded a net profit of Rs 139.23 crore in Q2 FY22, compared to a net consolidated loss of Rs 476.61 crore in Q1 FY22. The net consolidated total income of the company stood at Rs 2,848.20 crore during Q2 FY22, with a 56% growth from Rs 1,831.10 crore during Q2 FY21. The company's total order book stood at Rs 16,632 crore by the end of September 2021. The company said that it accumulated losses of Rs 3,912.64 crore on 30 September 2021, which resulted in the complete erosion of its net worth. The holding company continues to default on the payment of the lenders, along with costs overdue to operational creditors. It added that the company's debt resolution plan continues to have support from lenders with continual and ongoing receipt of lender board approval. Delay in implementing the resolution plan resulted in the accrual of higher interest costs during FY22. HCC is focusing on securing its new orders for business growth to capitalise on the opportunities in the infrastructure sector and expects order acquisition to expand after the resolution plan. Image Source Also read: Sobha Limited reports 198% jump in net profit at Rs 48.30 cr in Q2

Next Story
Infrastructure Urban

India’s Rs 370 Bn Petrochemical Expansion to Shift Asian Supply

India’s planned investments worth over USD 37 billion (around Rs 3 lakh crore) in the petrochemical sector are poised to reshape Asia’s supply landscape, according to a new report by S&P Global Ratings.The report noted that India’s drive toward petrochemical self-sufficiency mirrors China’s earlier expansion and could intensify competition in the region. “India’s capacity additions will significantly alter trade flows and increase competition among Asian producers,” said Ker Liang Chan, credit analyst at S&P Global Ratings.S&P estimated that public sector enterprises ..

Next Story
Real Estate

Maharashtra Sets Up Authority to Boost Self-Redevelopment

The Maharashtra government has established a Self-Redevelopment Authority to support citizens in independently redeveloping old buildings, marking a major policy step for Mumbai and the surrounding metropolitan region.BJP legislator and Mumbai District Central Cooperative Bank president Pravin Darekar will head the new Authority, which will offer end-to-end guidance on project planning, funding, developer selection, and execution. The initiative follows the approval of the state’s New Housing Policy earlier this year, which allocated Rs 2,000 crore to promote self-redevelopment.Officials sai..

Next Story
Real Estate

MHADA Revises Premium and Payment Rules for Redevelopment

The Maharashtra Housing and Area Development Authority (MHADA) has revised its 2007 redevelopment policy to make the redevelopment of ageing housing societies in Mumbai financially sustainable.The key change involves recalibrating premium charges for commercial floor space in projects under Regulation 33(5) of DCPR 2034. The new formula links premium rates to land value, market rate, and proposed usage, replacing the earlier rule that charged 1.5 times the residential rate for commercial areas.Developers’ body CREDAI-MCHI had sought parity between residential and commercial rates to encourag..

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

Advertisement

Advertisement

Talk to us?