Hindustan Construction Company (HCC) has bounced back into black by clocking a Rs 19.23 crore net profit for the first quarter ended June 30, 2013, buoyed by an 18 per cent rise in sales.
The construction and infrastructure firm had reported Rs 30.99 crore net loss in the April-June quarter of the last fiscal year, it said in a statement on Friday.
The company had been continuously incurring losses for at least six previous quarters.
Net sales of the company rose to Rs 1,149.56 crore in the April-June, 2013 quarter from Rs 969.36 crore in the year-ago period.
Shares in HCC, on Friday, ended at Rs 9.56 on the BSE, up 19.95 per cent from the previous close. "Continued cost rationalisation and improved execution have yielded better results. We will continue to pursue these measures aimed at further strengthening of performance despite the challenging economic environment," HCC Group CFO Praveen Sood said.
Meanwhile, total expenses of the company also went up to Rs 978.28 crore from Rs 940.90 crore a year earlier.
HCC said its "balance value of work on hand", as on June end, stood at Rs 13,969 crore, excluding contracts worth Rs 2,265 crore where it has emerged as the highest bidder.
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