Mumbai-based Hindustan Construction Company has posted a 41 per cent rise in net profit at Rs 27 crore (Rs 19 crore) for Q1FY15.

Turnover was marginally lower at Rs 1,044 crore (Rs 1,150 crore). However, EBITDA margin was higher at 20.4 per cent against 17.6 per cent logged in the same quarter of last year.

In a statement, HCC said the process of monetisation of assets /equity raising has gathered momentum which would result in deleveraging the balance-sheet and reducing finance cost.

Lavasa Corporation has filed the draft prospectus to raise up to Rs 750 crore through an IPO. Till date, over 711 residential units have been completed and 2,720 units sold, including 399 units of rental housing.

Praveen Sood, Group CFO, HCC, said in the release, “Improved investor sentiments have opened many opportunities for the company to raise equity or equity like instruments which will not only deleverage the company but also cut finance cost substantially.”

The board of directors of HCC has approved raising of long term funds through qualified institutions placement (QIP issue) not exceeding Rs 750 crore.

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