Hindustan Construction Company (HCC), one of the India's leading infrastructure companies, disclosed a sharp drop in standalone net profit for the quarter ended March 2015. During the quarter, the profit of the company declined 15.37% to Rs 206.50 million from Rs 244 million in the same quarter previous year.
Net sales for the quarter declined marginally 3.57% to Rs 11,606.70 million, compared with Rs 12,036.10 million for the prior year period.
Earnings per share for the quarter stood at Rs 0.32, registering 20% decline over previous year period.
Commenting on the company's performance, Ajit Gulabchand, chairman and managing director said, ''This is a trying period for Indian infrastructure sector, as the government has a huge task at hand to clear stalled projects and removing bottlenecks, which will take some time. In such a backdrop, our focus will remain on improving the operational efficiency and recovery of our claims. HCC will continue to focus on exiting non-core businesses and operating assets along with realising claims to further improve all our financial parameters in the coming year.''
Quarterly Results - Standalone (Rs in mn) |
As at | Mar - 15 | Mar - 14 | %Change |
Net Sales | 11,606.70 | 12,036.10 | (3.57) |
Net Profit | 206.50 | 244.00 | (15.37) |
Basic EPS | 0.32 | 0.40 | (20.00) |
Shares of the company declined Rs 0.85, or 2.61%, to settle at Rs 31.75. The total volume of shares traded was 1,269,512 at the BSE (Thursday).