Hindustan Construction Company Ltd. (HCC) reported a net loss of Rs.18 crore in Q1 of FY19-20, as compared to a net loss of Rs.28 crore in Q1 FY18- 19. The Company reported a Turnover of Rs.831 crore in Q1 FY20 as against Rs.933 crore in the same quarter last year, and an EBITDA margin of 21.5% as against 11.1%.
The Company would have posted substantially higher Turnover and Profit if it had booked income on Arbitration Awards received during the quarter. The beneficial interests in these Awards have been allocated to investors as per terms signed on March 26, 2019, and are hence no longer being booked in HCC’s accounts. The Company’s Turnover and PBT in Q1 FY20 would have been higher by Rs.136 crore and Rs.95 crores, respectively, had the monetization transaction not been signed. Therefore, comparable Turnover in Q1 FY20 grew by 4% y-o-y.
HCC’s order book stood at Rs.17,721 crore as of June 30, 2019. Gross debt of the Company further reduced quarter-on-quarter by Rs.134 crore on certain prepayments.
Financial highlights:
Un-audited Standalone results for Q1 FY19-20 vs. Q1 FY18-19
– Net Loss of Rs.18 crore vs. Rs.28 crore
– Turnover of Rs.831 crore vs. Rs.933 crore
– EBITDA of Rs.179 crore vs. Rs.103 crore
– Order book at Rs.17,721 crore vs. Rs.18,554 crore as of March 31, 2019
– Gross debt reduced to Rs.3,614 crore from Rs.3,748 crore as of March 31, 2019
Mr Arjun Dhawan, Director & Group Chief Executive Officer, said, “Over the course of the quarter, the Company commissioned the Munirka flyover in Delhi. HCC’s newly -constructed Dry Dock for the Indian Navy in Mumbai – the biggest ever – also saw its maiden ship docking. Some large hydro projects that were earlier slow-moving have gathered momentum and execution is expected to accelerate in the coming quarters. We are positive on the government’s infrastructure roll-out program over the near-to-medium term.”
