HCC's net profit drops 71% to Rs 8 crore in Q1

Turnover dips to Rs 975.1 crore, down 7%

HCC's net profit for Q1of fiscal 2015-16 dropped by 71% to Rs 8 crore compared to Rs 27.1 crore in the corresponding quarter last year.

The company's turnover was down 7% to Rs 975.1 crore against Rs 1,043.5 crore last year. The current order book is at Rs 13,920 crore excluding L1 contracts worth Rs 2,990 crore.

Group CFO Praveen Sood said ''The infrastructure sector continues to face significant challenge despite considerable optimism from the new government about de-bottlenecking the sector. Amidt such challenging environment, our strategy remains focused on improving the operational efficinecy and recovery of our claims. We will be better positioned to create value for our shareholders in view of the government's thrust on improving overall infrastructure sector.''