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HCC FY21 Consolidated Revenue at Rs 8,335 cr

Posted On: 2021-06-23 11:40:45 (Time Zone: UTC)


HCC stand-alone reported turnover and EBITDA of Rs 2,642.4 crore and Rs 299.6 crore, respectively, in FY21, as against Rs 3,676.1 crore and Rs 465.1 crore, respectively, in FY20. The company's order book stood at Rs 17,914 crore as of March 31, 2021.

For the year ended March 31,2021, the Group recorded Consolidated Revenues at Rs 8,335 crore from continuing operations, registering a decline of 12%, attributed to revenues lost due to COVID19 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 610.0 crore.

Despite the above challenges, efforts by the Company have resulted in projects reaching the required level of resources which are expected to deliver performance as per normal operating levels. Uncertainty remains to the extent of further pandemic related disruptions to the construction cycle.

Financial highlights - HCC audited standalone results

- Turnover of Rs 2,642.4 crore in FY21 versus Rs 3,676.1 crore last year and Rs 893.7 crore in Q4 FY21 versus Rs 787.7 crore in Q4 FY20

- Net loss of Rs 566.5 crore in FY21 compared to Loss of Rs 168.7 crore last year and Net loss of Rs 90.2 crore in Q4 FY21 versus Net Loss of Rs 21 1.9 crore in Q4 FY20

- EBITDA margins at 11.6% in FY21 compared to 12.8% last year

- The order book stood at Rs 17,914 crore, excluding one order worth Rs 1,147 crore (HCC's share Rs 585 crore) procured in Q1 FY22

Mr. Arjun Dhawan, Group Chief Executive Officer said, "HCC has much to be proud of this year, having strengthened our balance sheet through asset sales and meeting conciliation targets, despite the chaos caused by COVID19. We are also at the cusp of closing our resolution plan with lenders. That said, our primary focus remained 'people first', to ensure the safety of our workforce and their families, in a year that has caused great emotional upheaval."

HCC has been awarded five contracts worth Rs 7,639 crore. (HCC's share is Rs 3,467 crore). In Q1 FY22 the company has been awarded contract of Chennai Metro worth Rs 1,147 crore (HCC's share Rs 585 crore).

As part of its strategic initiatives in FY21, HCC has completed Rs 3,300 crore of asset sales, conciliations and monetization of awards. HCC Concessions Ltd had completed the sale of Farakka-Raiganj Highways Ltd to Cube Highways and Infrastructure II Pte Ltd on September 22, 2020, with an enterprise valuation of Rs 1,508 crore, comprising debt of Rs 905 crore and an equity valuation of Rs 603 crore. The Company also concluded its conciliation with NHAI for all disputes concerning Baharampore-Farakka Highways Ltd (BFHL) and FarakkaRaiganj Highways Ltd (FRHL). The SPVs entered into settlement agreements with NHAI for a comprehensive closure of all outstanding disputes and claims between the parties for a total amount of Rs 1,259 crore. The settlement amounts have been realized by BFHL and FRHL. The proceeds of conciliation shall be used to expedite completion of our key projects and to strengthen HCC's participation in future works of nation-building.

HCC has embarked on a comprehensive debt resolution plan which will substantially deleverage the Company and place it on strong footing to grow. The Resolution Plan is expected to get implcmcntcd in Q2 FY22 with all the formalities having been completed, and with lenders currently in the process of procuring their final board approvals.

Performance of HCC subsidiaries:

Steiner AG: Steiner AG reported revenues of CHF 705 million (Rs 5,655 crore) in the financial year 2020-21 as compared to CHF 802 million (Rs 5,779 crore) in the previous year (restated) and a profit of CHF 3.6 million (Rs 30 crore) as compared to a net profit of CHF 28.0 million (Rs 202 crore) in the previous year (restated). The Company secured fresh orders worth CHF 575 million (Rs 4,454 crore). The order book stood at CHF 1.32 billion (Rs 10,225 crore) at the end of the financial year. In addition to this, the Company has secured orders for CHF 13 million (Rs 101 crore), where contracts are yet to be signed.

HCC Concessions Ltd: FY21 turnover of Baharampore Farakka Highways Ltd (BFHL) grew 16% to Rs 167.8 crore, despite the impact of COVID19. BFHL registered turnover of Rs 55.3 crore in Q4 FY21 vs Rs 38.3 crore in Q4 FY20, a y-o-y increase of 44.5%. With the completion of an additional stretch, BFHL's toll rates have been enhanced by -20% from May 14, 2021 onwards. On March 30, 2021, BFHL and FRHL entered into settlement agreements with NHAl for Rs 405 crore and Rs 854 crore respectively. The settlement amounts have been realized by both the SPVs.

Shares of HINDUSTAN CONSTRUCTION CO.LTD. was last trading in BSE at Rs.13.71 as compared to the previous close of Rs. 14.43. The total number of shares traded during the day was 3713026 in over 5396 trades.

The stock hit an intraday high of Rs. 14.95 and intraday low of 13.71. The net turnover during the day was Rs. 51686755.


Source: Equity Bulls

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