HCC net profit up 30% at Rs 78 crore in FY18
Hindustan Construction Company (HCC) reported a rise of 30% in its net profit in the financial year 2017-18. Company’s net profit was Rs 77.5 crore as against Rs 59.4 crore it recorded in FY17.
Its net income also grew 8% year-on-year during FY18 and stood at Rs 4,826 crore. In the previous financial year it had reported a net income of Rs 4,458 crore.
Arjun Dhawan, director and group CEO said, “Our bank sanctions are in place after a prolonged delay and material judgements by the courts are positive developments that will facilitate curing the pendency of our unpaid arbitration receivables.”
Gross debt has reduced substantially to Rs 3,725 crore as on March 31, 2018, the company said in a BSE filing.