Operational efficiency puts HCC in profit
By Sarah Ann McCay31 January 2014
Indian contractor HCC has continued on its path to recovery, registering third quarter net profit of INR 5.4 crore (US$ 860,000) compared to a loss of INR 38.5 crore (US$ 6 million) in the corresponding period last year.
The company reported a decline in revenues to INR 870.4 crore (US$ 140 million) against INR 1,020.7 crore (US$ 163 million) in the same three month period last financial year. However, order backlog sat at INR 13,388 crore (US$ 2.14 billion) with new orders worth INR 2,040 crore (US$ 325 million).
Commenting on the performance, Praveen Sood, HCC group chief financial officer, said, “Despite a marginal dip in turnover, the operational efficiency we have achieved clearly manifest in this quarter. The company will continue to implement measures aimed at further improvement in all financial parameters. Inflow of substantially big orders during the quarter will help to improve the turnover in the next few quarters.”