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

12 Nov 2021 CW Team

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.

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

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