Hindustan Construction Company (HCC) on Thursday reported a consolidated net loss of Rs 280.67 crore for the quarter ended June 2022. The company had clocked a net profit of Rs 179.98 crore in the corresponding quarter of 2021-22, it said in a BSE filing.
Its total income during the quarter stood at Rs 2,242 crore compared to Rs 2,503.29 crore in the year-ago period.
Its total expenses declined to Rs 2,497 crore from 2,579 crore a year earlier.
In a statement, the company said its performance was impacted in HCC’s Mumbai projects, mainly due to fisherman agitations and a shortage of skilled labour.
Higher financial costs were also incurred due to a delay in HCC’s debt reorganisation and are expected to reduce materially from Q3 FY23 onward, it added.
According to the statement, the reorganisation of HCC’s debt has achieved near finality with the signing of documents by all (100 per cent) financial institutions, with only procedural and Sebi compliances remaining.
On completion in Q2 FY23, it said 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.