HCC Net Profit Declines 49% To Rs 157 Crore In March Quarter

Hindustan Construction Company (HCC) announced its January-March quarter results for the financial year 2020-21, reporting a net profit of Rs 157.28 crore, down 49 per cent on a year-on-year basis. The Mumbai-headquartered construction company reported a net profit of Rs 311.38 crore in the corresponding period of the previous fiscal, according to a regulatory filing by the firm to the stock exchanges.

The company's total income during the March quarter stood at Rs 2,398.38 crore, compared to Rs 2,376.68 crore in the same quarter of the previous fiscal year. For the entire financial year 2020-21, HCC registered a loss of Rs 610.02 crore on a consolidated basis, compared to the profit of Rs 197.03 crore in the financial year 2019-20.

HCC registered revenues of Rs 8,335 crore during fiscal 2021 on a consolidated basis, from continuing operations, recording a decline of 12 per cent attributed to the revenues lost amid the COVID-19 pandemic.

HCC's total expenses grew to Rs 2,618.48 crore, compared to Rs 2,366.13 crore in the corresponding period of the previous fiscal. In its statement, HCC said that it has non-current investments amounting to Rs 385.86 crore, in its joint-venture HCC Concessions Limited. HCC's businesses spans across sectors including real estate, urban development, infrastructure, construction, engineering.

On Thursday, June 24, the share price of Hindustan Construction Company settled 4.96 per cent lower at Rs 13.03 apiece on the BSE. HCC opened on the BSE at Rs 13.05, inching to an intra day high of Rs 13.15 and an intra day low of Rs 13.03, throughout the trading session today.