HCC net profit declines Rs 8 crore in April-June quarter

MUMBAI: Ajit Gulabchand-led HCC reported a decline in net profit to Rs 8 crore in the first quarter of 2015-16 from Rs 27.1 crore a year ago, the company said Thursday.

The company’s turnover was Rs 975.1 crore in April-June, as against Rs 1,043.5 crore in the same quarter last fiscal year.

“The infrastructure sector continues to face significant challenges despite considerable optimism from the new government about de-bottlenecking the sector. Amidst such challenging environment, our strategy remains focused on improving the operational efficiency and recovery of our claims. In view of the government’s thrust on improving overall infrastructure sooner or later, we will be better positioned to create value for our shareholders,” said Praveen Sood, Group Chief Financial Officer.

HCC said that its order book is worth Rs 13,920 crore and it has emerged lowest bidder for projects worth another Rs 2,990 crore.