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Hindustan Construction Company has posted a 46 per cent drop in net profit at Rs 7.9 crore for the quarter ended December 31, 2010 against Rs 14.7 crore in the same quarter last year. Turnover rose 9 per cent to Rs 1,027 crore (Rs 945 crore).
Mr Ajit Gulabchand, Chairman, HCC, said the drop in profit was due to a foreign exchange loss of Rs 6.5 crore and tax liability of Rs 2.8 crore.
He said there has been a slowdown in decision making, and across the infrastructure sector. Projects had been delayed due to issues such as environment clearances and land acquisitions. Orders have not been coming from NTPC, NHAI or NHPC and there were delays even in PPA projects.
The HCC stock on the BSE closed marginally down at Rs 40.25 on Friday.
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