Active Stocks
Thu Mar 28 2024 15:59:33
  1. Tata Steel share price
  2. 155.90 2.00%
  1. ICICI Bank share price
  2. 1,095.75 1.08%
  1. HDFC Bank share price
  2. 1,448.20 0.52%
  1. ITC share price
  2. 428.55 0.13%
  1. Power Grid Corporation Of India share price
  2. 277.05 2.21%
Business News/ Companies / Company-results/  Hindustan Construction Q4 net profit down 7.3%, beats estimates
BackBack

Hindustan Construction Q4 net profit down 7.3%, beats estimates

HCC says fourth quarter net profit fell to Rs19.14 crore compared to Rs20.65 crore in the year-ago quarter

Ajit Gulabchand, chairman and Managing Director of Hindustan Construction Company. Photo: Ramesh Pathania/MintPremium
Ajit Gulabchand, chairman and Managing Director of Hindustan Construction Company. Photo: Ramesh Pathania/Mint

Mumbai: Ajit Gulabchand-led Hindustan Construction Co. (HCC) Ltd reported on Thursday a 7.3% fall in stand-alone net profit for the fourth quarter, hurt by slow progress in some of its projects, but beat analyst estimates.

The engineering and construction firm said fourth quarter net profit fell to 19.14 crore compared with 20.65 crore in the year-earlier quarter. Net sales, which also came in higher than expected, rose 1.8% to 1,196 crore from 1,175.12 crore a year earlier.

A Bloomberg poll of five analysts forecast stand-alone profit of 10.02 crore on sales of 1,184.4 crore.

At a consolidated level, HCC’s full-year loss widened to 318.14 crore from 159.45 crore for the year ended 31 March 2016.

During fiscal 2015-16, HCC secured nine new orders worth 5,764 crore. The company said it received 646 crore in arbitration that went in its favour during the fiscal year and that the company now has “about 3,041 crore of receivables on account of these awards which are being aggressively pursued for early collection."

Last year, HCC let its initial public offering (IPO) approval for subsidiary Lavasa Corp Ltd pass for a second time. In Thursday’s filing to exchanges, HCC said it has till date completed 1,200 residential units at its Lavasa City project. “In addition, work on 1.5 million sq. ft of residential, commercial and social development is underway in Dasve and 1 million sq. ft of residential development is underway in Mugaon," the filing said.

HCC first decided to raise 2,000 crore by launching subsidiary Lavasa Corp.’s IPO in November 2010—a plan that was later shelved. In July 2014, Lavasa Corp filed its draft red herring prospectus (DRHP) with Sebi to raise 750 crore and received Sebi approval in November 2014.

HCC’s shares closed down 1.79% to 22 on the BSE on Thursday.

Unlock a world of Benefits! From insightful newsletters to real-time stock tracking, breaking news and a personalized newsfeed – it's all here, just a click away! Login Now!

Catch all the Corporate news and Updates on Live Mint. Download The Mint News App to get Daily Market Updates & Live Business News.
More Less
Published: 29 Apr 2016, 02:28 AM IST
Next Story footLogo
Recommended For You
Switch to the Mint app for fast and personalized news - Get App

Chat with MintGenie