All Rights Reserved Finance News 2020.
HCC Q1 results: Reports consolidated net loss of Rs 409 cr
NEW DELHI: Hindustan Construction Company (HCC) on Thursday reported the consolidated net loss of Rs 406.26 crore for the quarter ended August 30, 2020.
The organization had clocked a net profit of Rs 99.74 crore in the similar quarter of 2019-20, the idea said in a filing into the BSE.
Its total salary during the June 2020 one fourth stood at Rs just one,689.82 crore, in contrast to Rs 2,815.21 crore in the year-ago one fourth.
The firm’s total bills declined to Rs just one,989.60 crore, towards Rs 2,703.55 crore a year ago.
“The profits of construction companies had been impacted by the nationwide lockdown, resulting in halting of design, non-availability of labour together with disruption in supply cycle,” the company said in a very statement adding that with this backdrop, it recorded the drop in turnover.
The company said it has noted an exceptional loss of Rs 242 crore “on bank account of conciliating an NHAl award for Rs 219 crore”. It added that it was done to generate instant liquidity in operations presented the difficulties presented by the COVID-19 pandemic.
The firm features registered an order backlog of Rs 16,558 crore at the end of the primary quarter of 2020-21, the idea said. The company added which will subsequently, three projects truly worth Rs 7,402 crore were won in three way partnership in July and July and HCC’s share of Rs 3,337 crore will be reflected in the buy book in the next quarter.
“The debt carve-out resolution strategy with lenders is required to conclude in the third one fourth of 2020-21,” the organization said.
HCC Director together with Group Chief Executive Officer Arjun Dhawan said, “The impact of COVID-19 on our industry together with economy cannot be understated. We all expect the aftershocks for being felt for many months and they are altering our business ideas accordingly.”
He added in that the company’s focus has always been on normalising its procedures while working out solutions with your clients, including raising ease of purchase and sale through conciliations of states. “On a highly positive notice, we have secured three renowned orders that have substantially better our order book.”
The company said the fresh project wins included Rs 1,900 crore NHAI order to construct the a 22-km highway link among Jharkhand and Bihar, Rs 4,167 crore get Bhadbhut barrage in Gujarat and a Rs 1,335-crore Rail Vikas Nigam in an attempt to construct 8.04 kilometre braud-gaurge railway line among Rishikesh and Karanprayag throughout Uttarakhand.