Hindustan Construction Company , (HCC) announced its second quarter results. The company's Q2 net loss at Rs 40.5 crore versus profit of Rs 12 crore, year-on-year, YoY.
The company's net sales were down at Rs 838 crore versus Rs 885 crore, year on year (YoY) and its interest cost was up at Rs 110 crore versus Rs 67 crore, YoY.
Commenting on the company's financial performance, Ajit Gulabchand, chairman and managing director, HCC said, "The financial performance reflects the difficult economic and business environment, coupled with high inflation, high interest rates and significant delays in awarding of new infrastructure projects."
The infrastructure company also reported forex loss at Rs 4.2 crore versus gain of Rs 6 crore, YoY, while the company's total expenditure stood at Rs 776 crore versus Rs 807 crore, YoY, on a standalone basis.
"With the interest rates cycle peaking and the government focused on reviving economic growth, a pickup in new project awards and a subsequent reduction in financing costs, is expected," Gulabchand added.
Order book stands at Rs 16,175 crore excluding two L1 contracts worth Rs 2,077 Crore
