High interest costs, a slowdown in infrastructure spends and delays in obtaining clearances have adversely impacted Hindustan Construction Company (
HCC )'s performance in FY11 as it posted a net loss of Rs 64.61 crore as against a net profit of Rs 5.81 crore in FY 10.
Income from operations, however, grew to Rs 7,152.54 crore during the period, up from Rs 3,975.18-crore in the last fiscal.
"It (FY 11) was a difficult year for us. There were a number of issues that affected the growth of the company, including a stoppage of work notice on our Lavasa project.
There was a slowdown in infrastructure expenditure by the Central Government and some projects were affected due to delays in environmental clearances," HCC Chairman and Managing Director Ajit Gulabchand told reporters here today.
The infrastructure firm posted 12.80 per cent dip in stand-alone net profit to Rs 71 crore during the fiscal as against Rs 81.43 crore in the previous fiscal.
Total revenue was Rs 4,143.97 crore on a stand-alone basis, a jump of 7.27 per cent from Rs 3,862.97 crore in 2009-10.
"In spite of financial constraints, in spite of heavy lock ups as a result of an increase in working capital due to non-payment by government agencies on a variety of issues, in spite of being a difficult year, the HCC Group has shown enough resilience," Gulabchand maintained.
In Q4 FY 11, the company reported 47.4 per cent dip in stand-alone net profit at Rs 22.61 crore as against Rs 42.97 crore in the year-ago period.
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