Hindustan Construction Company Q3 net loss narrows to Rs 38.51 cr
"HCC's performance amidst a challenging environment for the infrastructure sector affirms the management's commitment to shore up our operations.
The order position continues to be an area of concern as several large projects are still
awaiting clearances," company's group CFO Praveen Sood said in the statement.
He added that HCC will continue to implement measures aimed at further improvement of its performance even in this lean period.
Talking about performances of its subsidiaries, HCC said its Switzerland-based subsidiary, Steiner AG reported a profit of 2.33 million CHF (swiss franc) and a revenue of 194.1 million CHF during the period under review. Besides, Steiner has a total order book of 1.30 billion CHF and yet to be signed contracts of 200 million CHF.
Lavasa Corporation – another subsidiary of HCC – has signed an MoU with Ashiana Housing for developing and managing in integrated residential project and an agreement with Intercontinental Hotels group to open a 200-room Holiday Inn hotel in one of its 7 cities.
On Dhule Palesner Highway (NH3), which comes under its another subsidiary HCC Infrastructure, the company said it achieved 100 percent completion for phase I of the project and is ahead of schedule for additional 13 km stretch to be completed in FY'15.
Following the results, shares of the company were being traded at Rs 18.50 apiece
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