Hindustan Construction Company (HCC) on Thursday reported an 80.36 per cent decline in consolidated net profit at Rs 30.88 crore for the quarter ended March 31, 2022.
The company had clocked a profit of Rs 157.28 crore in the year-ago period, it said in a BSE filing.
Total income during the quarter under review stood at Rs 2,946.16 crore, compared to Rs 2,398.38 crore in the year-ago period.
Total expenses increased to Rs 2,884.36 crore from Rs 2,618.48 crore earlier.
For the full year 2021-22, the company recorded a consolidated net profit of Rs 419.7 crore. It had posted a loss of Rs 610.02 crore on a consolidated basis in 2020-21.
HCC Vice Chairman Arjun Dhawan said this year the company made strides in both balance sheet resolution and strengthening operations.
The company said it along with JV/consortium partners secured three contracts worth Rs 3,100 crore (HCC's share - Rs 1,558 crore), mainly in the transportation and water sectors.
The reorganising of HCC's debt via a lender resolution plan is in the final documentation phase with 100 per cent of lender board approvals in place, it added.
"HCC shareholders' approval was received at the EGM on March 23, 2022. The Plan is expected to achieve final closure shortly."Once completed, HCC's asset-liability mismatch will stand addressed, besides achieving a material de-leveraging, with the focus of the company shifting to securing new orders for growth," it said.