HCC sizzles after Q1 net loss narrows

Hindustan Construction Company jumped 8.27% to Rs 8.77 at 11:21 IST on BSE after the company reported a consolidated net loss of Rs 17.44 crore in Q1 June 2019 lower than net loss of Rs 60.86 crore in Q1 June 2018.

The result was announced after trading hours yesterday, 1 August 2019.

Meanwhile, S&P BSE Sensex was down 241.26 points or 0.65% at 36,777.06.

On BSE, 2.04 lakh shares were traded in Hindustan Construction Company counter, compared to a 2-week average of 1.43 lakh shares. The stock hit an intraday high of Rs 9.06 and an intraday low of Rs 7.81, which is also 52-week low for the counter. It hit a 52-week high of Rs 16.60 on 27 March 2019.

Consolidated net sales rose 6% to Rs 2,455.89 crore in Q1 June 2019 over Q1 June 2018.

Order book was at Rs 17,721 crore compared with Rs 18,554 crore as of 31 March 2019. Gross debt reduced to Rs 3,614 crore from Rs 3,748 crore as of 31 March 2019.

Arjun Dhawan, the director & group chief executive officer of Hindustan Construction Company, has stated, "Over the course of the quarter, the Company commissioned the Munirka flyover in Delhi. HCC's newly constructed Dry Dock for the Indian Navy in Mumbai - the biggest ever - also saw its maiden ship docking. Some large hydro projects that were earlier slow moving have gathered momentum and execution is expected to accelerate in the coming quarters. We are positive on the government's infrastructure roll-out program over the near-to-medium term."

Hindustan Construction Company (HCC) is a global business group of scale developing and building infrastructure through next practices.

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