HCC Q1 results: Net profit at Rs 180 crore in FY22

14 Aug 2021 CW Team

For the quarter ended June 2021, Hindustan Construction Company (HCC) reported a consolidated net profit of Rs 179.98 crore on Thursday. In the corresponding period of 2020-21, the company reported a net loss of Rs 409.26 crore, according to a BSE filing.

Total income for the quarter stood at Rs 2,503.29 crore, up from Rs 1,689.82 crore in the previous quarter.

Total expenses increased to Rs 2,579 crore from Rs 1,989 crore previously.

Despite the devastating second wave of Covid-19, the company said in a statement that it has maintained its operations momentum.

Chennai Metro Rail Limited (CMRL) has awarded HCC, in a joint venture (JV), a contract worth Rs 1,147 crore. By 30 June 2021, the total order book had grown to Rs 17,575 crore.

HCC's debt resolution plan, which will significantly deleverage the company and put it on a strong growth footing, is currently awaiting lender approval.

During this quarter, the respective SPVs received funds from National Highways Authority of India (NHAI) related to the recently completed NH34 BOT conciliations. The funds will be released to HCC Group companies shortly.

HCC Limited, or Hindustan Construction Company Limited, is an Indian construction company with operations in the fields of engineering and construction, real estate, infrastructure, urban development, and management.

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