HCC net profit down marginally in Q4

Hindustan Construction Co Ltd (HCC) on Thursday said its standalone net profit for the quarter ended March 31 was down marginally to Rs 20.1 crore as compared to Rs 20.9 crore in the year-ago period.

The company, however, posted a 30 per cent growth in its standalone net profit for 2017-18 (FY18) to Rs 77.5 crore as against Rs 59.4 crore in FY 17 (2016-17).

During the fourth quarter of FY18, its turnover stood at Rs 1,511 crore, up by nearly six per cent from Rs 1,429 crore in corresponding period of the previous fiscal.

The company also reported an eight per cent year-on-year growth in turnover to Rs 4,826 crore in the last fiscal as compared to Rs 4,458 crore in FY17.

The company has received Rs 1,416 crore till date under the CCEA's initiative to release 75 per cent of arbitral awards against bank guarantees. It received fresh Arbitration Awards worth Rs 977 crore in FY18.

"While turnover growth has been flattish year-on-year, we have achieved key milestones that will promote growth in addition to accelerating our ongoing deleveraging programme.

"Our bank sanctions are in place after a prolonged delay and material judgments by the courts are positive developments that will facilitate curing the pendency of our unpaid arbitration receivables," company's Director and Group Chief Executive Officer Arjun Dhawan said.

The company said its order book stands at Rs 19,188 crore.

--IANS

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