Hindustan Consutruction Company Ltd. (HCC) reported a drop in its bottomline for the third straight quarter as the company continues to restructure its debt.
Net profit in the fourth quarter fell 4 percent to Rs 20.9 crore, compared to a year ago. Revenue grew 13.5 percent to Rs 1,358.3 crore. Both topline and bottomline missed consensus of analyst estimates tracked by Bloomberg.
Operating profit in the quarter went up 5.6 percent over last year. Operating margin contracted 40 basis points to 6.4 percent.
The infrastructure company was the first to have its debt restructured under the sustainable structuring of stressed assets (S4A) scheme. Accordingly, it had allotted equity shares worth Rs 808.5 crore, and optionally convertible debentures worth Rs 1441.5 crore to its lenders in January.
HCC is also awaiting Rs 1,882 crore from an arbitral award as per a policy approved by the Cabinet Committee of Economic Affairs. It has recieved Rs 380 crore so far Rs 148.4 crore of which came in the fourth quarter.
The balance Rs 1,502 crore is expected shortly, according to a media statement.
Shares of HCC closed 0.11 percent higher, compared to the country's benchmark BSE Sensex which was 0.7 percent up, on Thursday.
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