The company posted a consolidated net profit of Rs 139.23 crore in the year-ago period, HCC said in a filing to BSE
Backed by improved operational efficiencies, Hindustan Construction Company Limited (HCC) has reported a 129 per cent increase in its consolidated net profit at Rs 319.03 crore for the quarter ended September 30, 2022. The company posted a consolidated net profit of Rs 139.23 crore in the year-ago period, HCC said in a filing to BSE.
The consolidated income during July-September period, however, dropped to Rs 2,515.15 crore, from Rs 2,834.84 crore in the year-ago period. The company’s consolidated expenses declined to Rs 2,423.88 crore, as against Rs 2,736.23 crore earlier, the filing added. HCC’s strong operational performance and earnings during the quarter were achieved due to improved operational efficiencies through a leaner and efficient organisational structure, the company said in a statement.
According to HCC, the company successfully concluded its debt resolution plan during the quarter, duly supported by 23 banks and financial institutions. HCC has transferred Rs 2,856 crore of lenders’ liability along with beneficial economic interest in arbitration awards and claims of Rs 6,508 crore as consideration to a Special Purpose Vehicle (SPV), the statement added.