HCC reports net loss of Rs 30.9 crore [28 July 2012]

Infrastructure major HCC reported net loss of Rs 30.9 crore during the first quarter of financial year 2012-13. The company registered a standalone turnover of Rs 969.4 crore in Q1 compared to Rs 1,059.6 crore in the corresponding period last year. Operating profit of HCC stood at Rs. 69.1 crore.
The company has a consolidated order booking of Rs 15,020 crore apart from additional L1 contracts worth Rs. 3,439 crore. “The Corporate Debt Restructuring EG has approved the restructuring of HCC’s debt of approximately Rs. 3,200 crore. The timely restructuring of HCC debt will improve cash flow and provide room for operating during this challenging period,” the company stated in a statement.
Commenting on the performance, Praveen Sood, Group Chief Finance Officer, HCC said, “Our quarterly performance reflects the stress faced by the infrastructure sector. Delays in decision making and in environmental clearances have caused a sharp drop in the visible order book for the sector. HCC is addressing these challenges through comprehensive cost and claims management in addition to faster execution, the effects of which should bear fruit soon. Additionally, recent government announcements give us reason to be optimistic on faster clearances and new projects announcements.”

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