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HCC Q3 profit falls 68 pc to Rs 10 cr

Press Trust of India  |  New Delhi 

Thursday posted a 68.3 per cent decline in standalone net profit at Rs 9.91 crore for the quarter ended December 31, 2018.

The company had posted a net profit of Rs 31.31 crore in the year-ago period, HCC said in a filing to BSE.

Total income during October-December 2018 fell to Rs 1,125.9 crore from Rs 1,293.01 crore in the year-ago period.

"We have infused substantial liquidity and strengthened our working capital position despite tight credit conditions across the economy, and particularly within the infrastructure sector," said,

HCC is looking at multiple avenues to mitigate risks arising from lengthy working capital lockups, he further said.

The company's gross debt reduced to Rs 3,490 crore as on December 31, 2018, from Rs 3,844 crore in the year-ago period. The order backlog stands at Rs 18,213 crore.

During the quarter, HCC successfully concluded rights issue of equity shares amounting to Rs 497.6 crore.

The promoter group's stake in the company has increased to 34.34 per cent till date from 27.80 per cent prior to the rights issue, it said.

In line with its strategy to shed non-core business assets, HCC has concluded the sale of Charosa Wineries to Quintela Assets.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Thu, February 07 2019. 19:06 IST
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