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Hindustan Construction Company (HCC) has stated that its consolidated net profit increased significantly during the March 2023 quarter reaching Rs 190.66 crore. The business made a profit of Rs 30.88 crore in the previous fiscal year. Its overall revenue for the quarter under review was Rs 3,107.58 crore, up from Rs 2,946.16 crore a year before. The overall expenditures rose from 2,884.35 crore to Rs 3,077.51 crore. It reported a net profit of Rs. 571.74 crore in FY22.
Arjun Dhawan, vice chairman of HCC stated that the company's successful debt carve-out procedure and profitable divestment of concession assets enhanced its balance sheet and growth strategies. The high-speed bullet train's Bandra Kurla Complex Station will be built by HCC through a JV according to a statement from the business. The contract is valued at Rs 3681 crore.
The Baharampore-Farakka Highway Limited was sold to Cube Highways and Infrastructure V Pte Ltd on March 28, 2023, for an enterprise value of Rs 1,323 crore, which includes SPV debt of Rs 646 crore. This transaction was completed by the firm during the quarter.
The statement claims that HCC finished its debt carve out during the year with the proper assistance of 23 banks and financial organisations. A sizeable percentage of HCC's debt was transferred as a result of this strategic move as well as corresponding assets from its balance sheet. The event brought about a long-needed resolution to the asset-liability timing mismatch that HCC was experiencing as a result of the claims' and arbitration awards' delayed realisation.
The HCC Group, which has a total annual revenue of Rs 9,855 crore, is made up of HCC Ltd, HCC Infrastrucutre Co Ltd and Steiner AG in Switzerland.
Hindustan Construction Company (HCC) is a leading infrastructure development company based in India. It was Established in 1926. HCC has a rich legacy of executing complex and challenging projects across various sectors including transportation, power, water resources and urban infrastructure. Through its diversified portfolio and expertise in engineering and construction, HCC continues to contribute to the nation's growth and development.
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