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    HCC still awaiting clearances for large projects

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    Hindustan Construction Company Limited (HCC) has announced a turnover of Rs 1020.8 crore compared to Rs 947.6 crore in its unaudited financial results for the quarter ended December 31, 2012. The company has reported a net loss of Rs. 38.5 crore compared to Rs 130.4 crore. Commenting on the performance, Mr. Praveen Sood, Group Chief Financial Officer, HCC said, the order position continues to be an area of concern as several large projects are still awaiting clearances and the company will continue to implement measures aimed at improvement of its performance even in lean period. The company has an order backlog of at Rs 14,624 crore and L1 on three contracts worth Rs 2,198 crore. Steiner AG subsidiary of HCC has registered revenue of Rs 1128 crore. The profit of the company in the same period was Rs 13.5 crore. The company has secured orders worth Rs 270.2 crore. The order book as on 31st December 2012 stands at Rs 7,572.6 crore. In addition to this, the company has secured orders for more than Rs 1,162.3 crore, where the contracts are yet to be signed. Lavasa Corporation Ltd another subsidiary of HCC is working towards completion of villas and apartments in the first town, Dasve and building new apartments in the second town, Mugaon. Lavasa Corporation Limited has entered into an MOU with Ashiana Housing for developing and managing an integrated residential project. The company also recently signed an agreement with Intercontinental Hotels Group (IHG), the world’s largest hotel group by number of rooms to open a 200-room Holiday Inn hotel at Mugaon. HCC Infrastructure Company Ltd has completed 100% completion for Phase I of the Dhule Palesner Highway (NH3). Further, it is ahead of schedule for an additional 13km stretch to be completed in FY15. Execution of the NH34 project in West Bengal is well underway and commercial operations are expected to begin in Q2/Q3 FY2013-14.

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