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Infrastructure major HCC has reported a 5 per cent decline in net profit for the fourth quarter ended March 31 due to flat income from operations.
For the quarter, the company clocked ₹19 crore net profit, which in the year-ago quarter was ₹20 crore.
For the quarter, the income from operations stood at ₹1,196 crore (₹1,175 crore).
A press statement issued by the company said during FY 2015-16, the company secured nine new orders worth ₹5,764 crore and is the lowest bidder in projects worth ₹3,701 crore.
The overall operational efficiency and reduction in fixed costs and award of claims have resulted in improved EBITDA margins,
Ajit Gulabchand, Chairman and Managing Director, said that the budget for the fiscal year 2016-17 has earmarked ₹2.21 lakh crore for the infrastructure sector, which will put the industry on the growth trajectory, the statement said.
At the closing of trading hours on the BSE, the stock was at ₹22, a decline of 1.79 per cent over the previous closing price.
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