HCC plans Rs 2,000 cr IPO of its township project Lavasa

Hindustan Construction Company today announced that its subsidiary Lavasa Corporation, obtained board approval for an IPO of up to Rs 2,000 crore of fresh equity shares, subject to market conditions and obtaining necessary regulatory approvals.

Lavasa's revenues during the quarter reached Rs 181 crore which has increased by 94 per cent. Its net profilt went up by 87 per cent to Rs 49 crore.

"Lavasa’s IPO will unlock its true value, thereby enabling HCC to be one step closer in realizing its vision of creating a hill city development in India which offers infrastructure better than that available in an average Indian city," said Ajit Gulabchand, Chairman and Managing Director, HCC.

The board has also offered 1:1 bonus shares to its shareholders.

The company has also posted 55 per cent increase in its net profit for the first quarter at to Rs 28.3 crore from Rs 18 crore in the same quarter last year. The company's revenues however posted a flat growth at five per cent Rs 1,008 crore from Rs 964 crore in the corresponding period last year. Its EBITDA margins stood at 12.4 per cent for the quarter.

HCC's orderbook stands at Rs 19,346 crore. It was awarded four major contracts worth Rs 1,590 crore during the quarter.