HCC turnover up 37% at Rs 426 crore, Order book stands at Rs 9819 crore

Mumbai, October 19, 2006: Hindustan Construction Company (HCC) has declared its un-audited results for the quarter ended 30th September 2006, at the Board Meeting held on 19th October 2006. The highlights of the Company’s performance for the quarter are:

• Growth of 37% in turnover at Rs 426 crore as against Rs 312 crore recorded in the corresponding quarter of the previous year.
• Profit Before Tax & Extraordinary Income at Rs 6.09 crore as against Rs 3.75 crore in the corresponding quarter of the previous year.
• Profit after Tax but before extra ordinary income at Rs 4.17 crore as against Rs. 2.87 crore recorded in the corresponding quarter of the previous year.
• The Company bagged 3 new projects worth Rs 1042 crore during the quarter, taking its order backlog to Rs 9819 crore. Total order backlog comprises of 8 (eight) projects in J & K , which constitutes 40% of order backlog at Rs. 3968 crores.

Announcing the results, Mr Ajit Gulabchand, Chairman & Managing Director, Hindustan Construction Company, said, "We have recently bagged 3 hydroelectric projects, Loharinagpal in Uttranchal and Chutak & Nimo Bazgo in J&K, which acknowledges our capabilities and efficiencies in executing large infrastructure projects of complex nature, even in challenging geographies. It is a matter of pride for HCC to cater to such large projects which help in building the nation’s infrastructure."

"The composition of order backlog has changed significantly over last few months and for the first time power projects backlog has taken a lead. This will improve our margins after next few quarters when these projects start generating revenues" added Mr. Gulabchand.

The power projects backlog has increased to 47 % in the quarter ended 30th September 2006 as against 38 % by the end of FY2005-06.

Source : Equity Bulls

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