HCC profit plunges 47 per cent to Rs. 22.6 crore

HCC profit plunges 47 per cent
Infrastructure firm Hindustan Construction Company (HCC) has reported a 47.4 per cent fall in its net profit for the fourth quarter ended March 31, 2011 against the same quarter last year. Net profit declined from Rs. 43 crore in 2010 to Rs. 22.6 crore in 2011. A net loss of Rs. 64.6 crore on a consolidated basis for 2010-11 has also been reported as against a net profit of Rs. 5.8 crore in 2009-10.

Commenting on the reasons for the decline in profits, HCC"s Chairman, Ajit Gulabchand, said a number of issues have been responsible including a break on its ambitious Lavasa project work. The company has faced heavy lock-ups caused by increasing working capital, as the Government agencies declined payments on the back of certain issues. But, it has been able to withstand all the issues and has tried its best.

On a standalone basis, the company"s net profit decreased by 12.8 per cent, from Rs. 81.4 crore in 2009-2010 to Rs. 71.0 crore in 2010-2011. Although, its income from operations rose by 10.8 per cent, from Rs. 1,091.7 crore during the fourth quarter in 2009-2010 to Rs. 1,209.7 crore during the same period in 2010-2011. HCC"s total order book as on March 31, 2011 stands at Rs. 18,127 crore.

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