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Mumbai, July 26 Hindustan Construction Company Ltd, on a standalone basis, posted a 11.83 per cent drop in net profit at Rs 30.82 crore for the quarter-ended June 30, against Rs 34.98 crore logged in the same period last year. However, total income was up 15.44 per cent at Rs 878.33 crore (Rs 760.80 crore).

The company said a provision for Rs 50.6 crore has been made on account of forex losses in foreign currency loans, including FCCB. The board of directors has approved the issue of secured redeemable non-convertible debentures, on private placement basis, of Rs 100 crore to the Life Insurance Corporation of India. — Our Bureau

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