HCC Net Profit Up 187% at INR 68.5 Crore in Q3 FY24
HCC E&C reported turnover and EBITDA of INR 1,244.7 crore and INR 153.8 crore, respectively, in Q3 FY24, as against INR 1,155.5 crore and INR 171.4 crore, in Q3 FY23.
February 09, 2024. By News Bureau
On a consolidated basis, HCC reported revenue of INR 1,474.5 crore in Q3 FY24 versus INR1,357.6 crore in Q3 FY23. The consolidated net profit was at INR 233.2 crore in Q3 FY24 versus loss of INR 283.7 crore in Q3 FY23.
The consolidated figures are not comparable due to the exclusion of step-down subsidiary, Steiner Construction SA’s turnover and profits, which per the accounting standard is treated as discontinued operations given the expected sale of the Company in the current quarter. The sale was subsequently concluded on 18 January 2024, the results for which will be reflected in Q4 FY24.
Financial highlights of HCC unaudited standalone results are Turnover of INR 1,244.7 crore in Q3 FY24 versus INR 1,155.5 crore in Q3 FY23, Net Profit of INR 68.5 crore in Q3 FY24 compared to INR 25.2 crore in Q3 FY23, EBITDA margins at 12.4% in Q3 FY24 compared to 14.8% in Q3 FY23
The Company received provisional completion certificates for the Sawalkot Tunnel project in Q3 FY24, while the Nikachhu Hydro Power project achieved the final milestone of water on the turbine on December 10, 2023, and its grid synchronisation for power generation has been completed. In NH34 Package 3, all the works have been completed, and final commercial operation has been awarded for balance stretch of 9.8 Km.
Three more projects are in advanced stages of completion, including two projects in Jammu & Kashmir viz Anji Khad Bridge and the railway tunnel T49A, where most of the civil work is completed and finishing work is in the final stages. In the Delhi Metro DC06 package, all civil work has been completed, and architectural finishing works in the station are nearing completion.
The major hydro projects of Tehri and Vishnugad Pipalkoti in Uttarakhand, the Coastal Road Project and Mumbai Metro Line 3 project, have achieved significant progress.
The Company is now focusing on growth through new order acquisitions. It has bid for projects worth INR 6,900 crore, which are under evaluation. Another INR 14,000 crore worth of bids shall be submitted in the coming quarter. Furthermore, a bid pipeline of INR 46,440 crore has been identified for future growth.
Steiner AG reported revenues of CHF 22.9 million (INR 218 crore) in Q3 FY24 as compared to CHF 94.3 million (INR 802 crore) in Q3 FY23 and net profit of CHF 6.1 million (INR 55 crore) in the Q3 FY24 as compared to loss of CHF 40 million (INR 329 crore) in the Q3 FY23. The order book stood at CHF 448.4 million (INR 4367 crore) at the end of December 31, 2023. The quarterly figures exclude CHF 63.6 million (INR 581 crore) of revenue and CHF 5.58 million (INR 51 crore) loss for Q3 FY24 for the subsidiary Steiner Construction SA, which has been divested to Demathieu Bard, an international construction group headquartered in France for approximately CHF 98 million (INR 928 Cr) including liability transfer of around CHF 60 million (INR 568 Cr).
please contact: contact@energetica-india.net.
Maxson Lewis
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