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HCC aims to maintain 10% growth this year

Infrastructure major Hindustan Construction Company (HCC), today said it aims to maintain a growth rate of 10% this year despite slowdown in the infrastructure space.

June 11, 2011 / 10:19 AM IST
 
 
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Infrastructure major Hindustan Construction Company (HCC), today said it aims to maintain a growth rate of 10% this year despite slowdown in the infrastructure space.


"We hope to maintain a growth rate of around 10% this year, but the biggest challenge we will face this year is high interest (cost)," HCC's Chairman and Managing Director, Ajit Gulabchand, told shareholders at its Annual General Meeting held here.


The infrastructure space has seen a slowdown this year due to lack of decision-making and environmental hurdles, Gulabchand said, adding almost Rs 1,000-crore has been locked in claims.


The company's order back-log as on March 2011 stood at Rs 18,127-crore. Its PAT (including profit from JVs and other income) declined by 12.8% from Rs 81.4-crore in 2009-10 to Rs 71 crore in FY 11.

"We will see infrastructure efforts being kick-started yet again, as we will see environmental protection walking in tandem with development," he said.
"I am sure that sooner than later, things will improve," he said.