Hindustan Construction Company (HCC) is back in black as the company today reported a standalone net profit of Rs 31.60 crore for the quarter ended September 30, aided by one-time gain on account of settlement with an undisclosed creditor.
The leading construction firm had reported a net loss of Rs 17.87 crore in the corresponding quarter of 2012-13 fiscal.
Net sales of the company were up 5.14 per cent at Rs 908.72 crore in September 2013 quarter vis-a-vis Rs 864.26 crore of the Q2FY’13, it said in a filing to the BSE.
Its expenditure, at Rs 838.22 crore, amounted to over 92 per cent of its net sales.
The company’s other income, which also included settlement amount from the creditor, rose by over 3 times to Rs 112.29 crore in the last quarter as against Rs 34.81 crore of the Q2 FY’13.
“Other income for the quarter ending September 30, 2013 include amount no longer payable of Rs 81.50 crore pursuant to a settlement arrived with creditor and interest on income tax refund of Rs 5.44 crore,” the company said in the filing.
In a separate statement, HCC said that its “order backlog is at Rs 12,861 crore excluding L1 (lowest bidder) contracts worth Rs 2,265 crore”.
Commenting on the results, HCC Chief Financial Officer Praveen Sood said, “HCC is making all possible efforts in its control to sustain its performance during this challenging period. Focus on cost rationalisation, effective liability management and sustained operational efficiency have contributed to the performance in the second quarter.”
On the performances of its subsidiaries, HCC said that Switzerland-based subsidiary Steiner AG has registered a revenue of CHF 410.7 million (Rs 2603 crore). During the last quarter, it bagged orders worth CHF 33.8 million (Rs 232.7 crore)and has secured orders for more than CHF 200 million (Rs 1376.8 crore), where the contracts are yet to be signed.
Talking about Lavasa Corporation Ltd, HCC said that development in Dasve and Mugaon towns has picked up pace and till date around 520 residential units have been completed and handing over the possession is in progress.
“Around 4.5 lakh tourists visited Lavasa during last six months with average hotel occupancy of 70 per cent... Three leading organisations have signed agreements for setting up commercial establishments in the city,” the company said.
Another subsidiary, HCC Infrastructure has achieved 72 per cent and 59 per cent progress respectively in the packages 3 and 4 of the NH 34 concession in West Bengal and commissioning date is expected within next few months.
Besides, toll rates at the Dhule Palesner Highway (NH3) have been revised from September 13, 2013.
Shares of the company closed today at Rs 14.48 apiece on the BSE, down 0.55 per cent from the previous close.