Hindustan Construction net profit down 80% in Q3

Hindustan Construction on Thursday reported a 80 percent fall in its standalone net profit to Rs 4.55 crore in the December quarter as compared to Rs 23.33 crore in the corresponding period last year.

The company's turnover during the quarter under review stood at Rs 944 crore, down by 10.77 percent from Rs 1,058 crore in the same period last year.

"The company has implemented S4A and is in the advanced stages of collecting Rs 1,721 crore against arbitral awards as per the policy approved by CCEA. With these two major events, finance cost is likely to come down to half from next quarter onwards as compared to this quarter," the firm said in a statement.

Its current order book stood at Rs 20,936 crore excluding L1 contracts worth Rs 2,804 crore, it said.

"Financial flexibility will support our strategic initiatives and we remain optimistic to leverage opportunities thrown by thrust on infrastructure by government with substantial increase in the budget for infrastructure outlay that will potentially drive incremental growth for the company," said Group CFO Praveen Sood.

--IANS

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