You are here: Home » Companies » News
Business Standard

HCC posts a standalone loss of Rs 427.87 crore for March quarter

HCC said there was an exceptional loss of Rs 2,400 crore during FY19 which was largely due to the impact of Lavasa's admission into NCLT under the IBC

Press Trust of India  |  New Delhi 

HCC posts a standalone loss of Rs 427.87 crore for March quarter

(HCC) on Thursday posted a standalone loss of Rs427.87 crore for the fourth quarter ended March 31, 2019.

The company had posted a profit of Rs 20.09 crore in the year-ago period, said in a BSE filing. The standalone total income of the company during the March quarter dropped to Rs 1,347.86 crore from Rs 1,511.47 crore in the year-ago period.

In a statement, said there was an exceptional loss of Rs 2,400 crore during FY19 which was largely due to the impact of Lavasa’s admission into under the Insolvency and Bankruptcy Code.

This led to a full-year loss of Rs 1,962 crore despite healthy margins in its core business.

The company’s said, “We have crossed several milestones in FY19 to strengthen both financially and operationally. Raising capital, including via monetisation of assets, has been imperative to safeguard the long-term health of the company while we bore the tremendous flux within the financial sector.

"We absorbed material write-offs during the year, but strategic initiatives undertaken with full support of our lenders position us as a leaner deleveraged business with adequate working capital and liquidity to grow."

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

First Published: Thu, May 09 2019. 22:26 IST
RECOMMENDED FOR YOU