Mumbai, Maharashtra, India
-- Profit Before Tax up 20% YOY to Rs.117.89 crores
-- 80 IA withdrawal impacts net profits
-- Board of Directors recommend a 75% dividend
The Board of Directors of Hindustan Construction Company Ltd (HCC) took on record the company's audited results for the year ended March 31, 2007.
Key Financial Highlights:
-- Turnover stood at Rs 2394.50 crores for the year ended March 31, 2007 compared to Rs 2028.15 crores for the previous year, registering a growth of 18%
-- EBDITA excluding other income, grew to Rs 239.64 crores against Rs 185.96 crores up 29%
-- Profit Before Tax excluding exceptional item grew to Rs.117.89 crores against Rs.98.27 crores up 20%
-- Profit After Tax was Rs 79.28 crores against Rs 92.14* crores (* net of Rs.32.8 crores of exceptional income during the previous year) down 14% due to withdrawal of section 80 IA benefit with retrospective effect. Prior year tax impact of Rs.42.52 crores adjusted by recrediting the specific reserve created for this purpose.
-- Total balance value of work on hand is Rs 9312 crores with substantial bids where HCC enjoys L1 status.
-- The Board of Directors of HCC has recommended a 75% dividend
The company improved its operating margins to 10.2% for the FY2006-07 from 9.4% in the previous year. The company has submitted tenders worth Rs.4507 crores out of which company is L1 in Rs.2474 crores (HCC share Rs.1927 crores). The company also reported that the tenders under evaluation and where it is pre-qualified to bid are over Rs.17900 crores.
Lavasa, the hill township near Pune in which HCC Real Estate has enhanced its stake to over 63% stake has plans to commence marketing in the last quarter of current calendar year. Lavasa has signed MoUs with Accor, Starwood and Fortune for building hotels and resorts taking the total number of hotels in progress to 5.
The company reported a turnover of Rs.847.57 crores for the quarter ended March 31, 2007 compared to Rs 775.10 crores in the corresponding period last year, an increase of 9% with operating profits of Rs.87.66 crores against Rs.68.70 crores registering a growth of 28%. Net profit dipped due to impact of withdrawal of section 80 IA benefit.
About HCC
HCC is a leading construction and infrastructure development company with a rich heritage of experience. The company specializes in pioneering large-scale infrastructure development and developing new age construction technologies. The company has managed and executed several technically complex and high value projects across segments like transportation, power generation infrastructure, marine projects, oil & gas pipeline constructions, irrigation & water supply, utilities and urban infrastructure. For more information, please visit www.hccindia.com
Source: Hindustan Construction Co. Ltd (HCC) (Business Wire India)
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