HCC Q4 standalone net profit drops 15 pc

Hindustan Construction Company (HCC) today reported a decline of 15.36 per cent in standalone net profit at Rs 20.65 crore for the fourth quarter ended March 31, on the back of lower income from operations.
The company's net profit in the corresponding quarter of 2013-14 was Rs 24.40 crore, HCC said in a regulatory filing.
Total income from operations declined to Rs 1,175.12 crore in March quarter, over Rs 1,184.83 crore in the same quarter of FY 2013-14, it said.
The expenses came down to Rs 964.21 crore during the quarter, over Rs 1,017.49 crore in the same period of 2013-14.

However, for the year ended March 31, 2015, the company's standalone net profit increased marginally to Rs 81.65 crore, over Rs 80.64 crore in 2013-14.
On a consolidated basis, HCC narrowed its net loss to Rs 159.45 crore for 2014-15 financial year against a loss of Rs 277.40 crore in 2013-14.

Commenting on the performance company's CMD Ajit Gulabchand said, "This is a trying period for Indian infrastructure sector as the government has a huge task at hand to clear stalled projects and removing bottlenecks which will take some time."
In such a backdrop, the company's focus will remain on improving operational efficiency and recovery of its claims, he said.

"HCC will continue to focus on exiting non-core businesses and operating assets along with realising claims to further improve all our financial parameters in the coming year," he said
In a separate regulatory filing, HCC said that its board has appointed Shalaka Gulabchand Dhawan as whole-time Director and Omkar Goswami as independent Director of the company.
Shares of the company closed at Rs 31.75 apiece on BSE, down 2.61 per cent from previous close.