HCC Q4 results: Net profit falls by 49% at Rs 157 crore

NEW DELHI: (HCC) on Wednesday reported 49.48 decline in net profit at Rs 157.28 crore for the quarter ended March 31, 2021.

The company had clocked a profit of Rs 311.38 crore in the year-ago period, it said in a BSE filing.

Total income during the quarter under review stood at Rs 2,398.38 crore compared with Rs 2,376.68 crore in the year-ago period.

Total expenses increased to Rs 2,618.48 crore from Rs 2,366.13 crore a year ago.

For full year 2020-21, the company recorded a loss of Rs 610.02 crore on a consolidated basis. It had posted a profit of Rs 197.03 crore in 2019-20.

The company said as at March 31, 2021, it has non-current investments amounting to Rs 385.86 crore in its joint venture HCC Concessions Ltd, having build, operate and transfer (BOT) special purpose vehicles in its fold.

“The outbreak of COVID-19 had disrupted regular business operations of the group due to the lockdown restrictions and other emergency measures imposed by the government from time to time,” it said.

The operations of the group have started recovering from the economic slowdown caused by the pandemic and reaching normalcy, it added.

For 2020-21, the company said, it recorded consolidated revenues at Rs 8,335 crore from continuing operations, registering a decline of 12 per cent attributed to revenues lost due to COVID-19 and the ensuing lockdown-related disruptions. “Challenges in supply chain management, logistics and non-availability of migrant workers at project sites resulted in lower turnover and affected the working capital cycle. This led to a net loss of Rs 610 crore,” it said. HCC Group, with a turnover of Rs 8,335 crore, comprises HCC Ltd, HCC Infrastructure Co Ltd, and Steiner AG in Switzerland.

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