Hindustan Construction Company (HCC) on Thursday reported a multifold rise in consolidated net profit at Rs 190.66 crore for the quarter ended March 2023.
The company had clocked a profit of Rs 30.88 crore in the year-ago period, it said in a BSE filing.
Its total income during the quarter under review stood at Rs 3,107.58 crore compared to Rs 2,946.16 crore a year ago.
The total expenses increased to Rs 3,077.51 crore from 2,884.35 crore earlier.
For the entire 2022-23, the company recorded a consolidated net loss of Rs 26.59 crore. It had posted a net profit of Rs 571.74 crore on a consolidated basis in FY22.
HCC Vice Chairman Arjun Dhawan said the completion of the company's debt carve-out process and profitable divestment of concession assets further strengthened its balance sheet and plans for future growth.
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The company, in a statement, said HCC through a JV secured a contract worth Rs 3,681 crore for the construction of the Bandra Kurla Complex Station for the high-speed bullet train.
During the quarter, the company concluded the sale of Baharampore-Farakka Highways Limited to Cube Highways and Infrastructure V Pte Ltd on March 28, 2023, at an enterprise valuation of Rs 1,323 crore, which includes SPV debt of Rs 646 crore, it added.
According to the statement, during the year, HCC also completed its debt carve out, duly supported by 23 banks and financial institutions.
"This strategic initiative shifted a significant portion of HCC's debt, along with commensurate assets from its balance sheet.
"The event resulted in a long-awaited solution to the asset-liability timing mismatch faced by HCC on account of delayed realisation of its arbitration awards and claims," it said.
The HCC Group with a group turnover of Rs 9,855 crore comprises HCC Ltd, HCC Infrastructure Co Ltd and Steiner AG in Switzerland.
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