HCC Standalone Q2 FY24 Net Profit at INR 52.3 crore
HCC E&C reported standalone turnover and EBITDA of INR 1,138.8 crore and INR 163.6 crore, respectively, in Q2 FY24, as against INR 1,249.1 crore and INR 228.2 crore, in Q2 FY23. The Company's order book stood at INR 12,344 crore as of September 30, 2023.
November 10, 2023. By News Bureau
HCC reported consolidated revenue of INR 1,832.6 crore in Q2 FY24 versus INR 2,257 crore in Q2 FY23. The consolidated net profit was at INR 6.4 crore in Q2 FY24 versus net profit of INR 310.3 crore in Q2 FY23.
The consolidated figures are not comparable due to the exclusion of the subsidiary, Steiner Construction SA’s operations, which per the accounting standard is treated as discontinued given the expacted sale of the company in the coming quarter.
Financial highlights – HCC unaudited standalone results are Turnover of INR 1,138.8 crore in Q2 FY24 versus INR 1,249.1 crore in Q2 FY23, Net Profit of INR 52.3 crore in Q2 FY24 compared to INR 312.8 crore in Q2 FY23, EBITDA margins at 14.4% in Q2 FY24 compared to 18.3% in Q2 FY23.
The Company has received completion certificates for three projects in Q2 FY24, including Sone Bridge, Bistan Lift Irrigation and Tata Memorial Centre. Five more projects are in advanced stages of completion, including three projects in Jammu & Kashmir viz Anji Khad Bridge, Sawalkot Road tunnel and the railway tunnel T49A where most of the civil work is completed and finishing work is in the final stages. In the Nikachhu hydropower project in Bhutan, water impounding in the dam and trail runs of turbines will commence in the next quarter. 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 6,000 crore, which are under evaluation. Another INR 8,000 crore worth of bids shall be submitted in the coming quarter. Furthermore, a bid pipeline of INR 15,000 crore has been identified for future growth. During the quarter, the order backlog increased by ~ INR 900 crore through awards of variations in existing jobs.
A majority 51% shares in Prolific Resolution Private Limited (PRPL) have been acquired by an investor, Jadeja Investments Management Pvt Ltd. With this, PRPL has ceased to be a subsidiary of HCC, with effect from September 30, 2023. Consequently, INR 3,301.2 crore of debt has reduced on a consolidated basis.
Steiner AG reported revenues of CHF 66.5 million (INR 603 crore) in the Q2 FY24 as compared to CHF 145.9 million (INR 1,183 crore) in the Q2 FY23 and loss of CHF 0.7 million (INR 6.3 crore) in the Q2 FY24 as compared to profit of CHF 6.2 million (INR 49 crore) in the Q2 FY23. The quarterly figures exclude CHF 58.83 million (INR 540.7 crore) of revenue and CHF 1.02 million (INR 9.18 crore) loss for Q2 FY24 for subsidiary, Steiner Construction SA, which is in the process of being divested. The Company secured fresh orders worth CHF 31 million (INR 277 crore) in Q2 FY24. The order book stood at CHF 461.3 million (INR 4,123 crore) at the end of September 30, 2023.
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Dr. Mridula D Bharadwaj
Capacity Building Specialist
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