New Delhi, Nov 6 (PTI) Hindustan Construction Co Ltd (HCC) has reported a 52.7 per cent drop in consolidated profit at Rs 22.56 crore for the quarter ended September 30, on the back of lower income.
The company had posted consolidated profit of Rs 47.78 crore in the year-ago period.
The total income of the company during the second quarter dropped to Rs 925.15 crore from Rs 983.25 crore in the year-ago period.
In a statement the company said its "consolidated profit was Rs 22.6 crore against Rs 47.8 crore in the corresponding quarter of the previous year."
During the quarter, HCC secured a new order worth Rs 524 crore and emerged as the lowest bidder for projects valued at Rs 2,010 crore. In addition, bids submitted aggregating approximately Rs 34,805 crore remain under evaluation.
As part of its deleveraging strategy, HCC prepaid Rs 100 crore of debt in the second quarter and has begun executing a further pre-payment of Rs 108 crore by December this year.
HCC has executed a majority of the country's landmark infrastructure projects. The company serves the infrastructure sectors of water, transportation and power.
