Mumbai-based Hindustan Construction Company has posted a net loss of Rs 18 crore for the quarter-ended September 30. It logged a net loss of Rs 41 crore in the same period last year.
Turnover was up at Rs 864 crore (Rs 838 crore). The company’s order book at the end of the quarter was Rs 15,084 crore.
HCC received the letter of approval from the Corporate Debt Restructuring (CDR) Empowered Group cell and the implementation of the CDR scheme is in progress. Consequently, the company recorded a reversal of interest cost of Rs 2.17 crore. Interest cost for the quarter was down at Rs 130 crore (Rs 136 crore). It has recorded an exchange gain of Rs 5.90 crore.
The debt restructuring is around Rs 3,200 crore.
Praveen Sood, Group Chief Financial Officer, said: “The environment continues to be challenging for the infrastructure sector. HCC has undertaken several measures to deliver performance even in this lean period.”
HCC said that its subsidiary Lavasa Corporation had resumed construction work and launched a range of apartments in its second town, Mugaon. Lavasa is fast becoming popular among tourists and over three lakh people visited the town during the monsoon, the company said.
During the quarter, HCC’s Swiss subsidiary Steiner AG registered revenues of CHF 185.6 million (Rs 1,075 crore) and net profit of Rs 6 crore. Order book stood at CHF 1.45 billion (Rs 8,396 crore).
On Friday, the HCC scrip closed two per cent higher at Rs 17.55 on the BSE.