From correspondents in Maharashtra, India, 03:47 PM IST

HCC has registered an impressive performance for the year ended 31st March 2009. The Company’s turnover has jumped 13.3% to touch Rs 3518.32 crore, compared to Rs 3104.34 crore last year. Its net profit has gone up by 15% to Rs 125.35 crore, compared to Rs 108.77 crore in the previous financial year.

Highlights:

For the year ended 31st March 2009

• Order backlog significantly improved to Rs 16400 crs, 61 % growth YOY
• New orders received worth more than Rs.9000 crs. Power sector projects constitute 51% of the order backlog.
• Turnover crossed Rs 3500 crores and up by 13.3% at Rs 3518.32 crores
• Operating margins EBDITA improved to 13% from 11.9%.
• Operating profit (EBIDTA) increased by 17.7%
• Profit before Tax up 5.5% at Rs. 164.55 crores
• Profit after tax up 15% at Rs 125.35 crores.
• The Board of Directors has recommended a dividend of Re.0.80 paise per share on the face value of Re.1/-

For the quarter ended 31st March 2009

• Turnover down by 2% at Rs 1049 crores compared to Rs 1071 crore for the corresponding period last year.
• Operating profit (EBIDTA) increased by 14.8% Rs. 150 crs over Rs. 131 crores in the previous year.
• Improved operating margins (EBDITA) at 15.4% for the FY2008-09 from 12.4% in the previous year.
• Profit before tax up 64.2% to Rs 79 crores over Rs 48 crores in the previous year.
• Profit after tax up 94.5% to Rs 51 crores over Rs 26 crores in the previous year.

The Operating Margins (EBIDTA) grew to 13% from 11.9% in FY 2007-08 and the Company’s order book position has improved significantly to Rs 16,400 crore, a YOY growth of 61%. The power sector contributed 51% of the new orders, whereas water solutions and transportation sectors have contributed 31% and 17%, respectively. The Company is awaiting further award of projects worth Rs 1,000 crore where its bid is lowest (L1). HCC also has bids under evaluation for Rs 10,000 crore approximately.

Announcing the results for FY 08-09, Mr Ajit Gulabchand, Chairman and Managing Director, HCC, said: “Despite a difficult economic year, HCC has registered overall healthy growth across business segments. Most importantly, along with our core business, the Lavasa Hill City project also contributed to our performance with maiden profits in financial year. Looking ahead, while the economic slowdown remains a concern, we are confident of keeping a healthy pace of growth on the basis of a strong order book, anticipation of likely increase in infrastructure spending and more revenues from Lavasa and HREL projects.”

In the engineering and construction space, HCC won 11 major contracts for more than Rs 9,000 crore, including the Package MC3 of the prestigious Punatsangchhu HEP (1200 MW) in Bhutan. The infrastructure development business expanded to three projects in FY 08-09, from just one in FY 07-08. In the coming year, HCC is preparing to bid for and develop projects in all infrastructure segments, including roads, hydro power, airports, water solutions and ports development projects.

FY 08-09 was a significant year for HCC Group-company Lavasa Corporation, as it began to recognise revenues. Its impressive financial performance for the year included EBT margin of 64% at Rs 135 crore on an income of Rs 212 crore and a net profit of Rs 123 crore. Institutional and residential land sales contributed Rs 143 crore; build-up space sale of villas, apartments and retail contributed Rs 67 crore and project management consultancy contributed Rs 2 crore.

Lavasa witnessed equity infusion of Rs 531.25 crore in FY 08-09 from various investors, including Axis Bank, Bank of India, Allahabad Bank and Bennett, Coleman and Co. Ltd.

Lavasa sold 1500 residences and concluded lease arrangements for 22,500 sq. ft. retail space to renowned brands. Lavasa has also achieved pre-sales of Rs 800 crore. To date, it has concluded 22 tie-ups with organisations in education, hospitality and healthcare segments.

In the hospitality segment, ITC Fortune Dasve, the first hotel at Lavasa, started operations in March 2009. The company also signed a JV agreement with the reputed chain, Hilton ‘Double Tree’, to construct a hotel with 125 rooms. With over 1,000 hotel rooms under development currently, Lavasa is fast emerging as a hospitality hub. The upcoming education facilities at Lavasa are expected to create seats for more than 10,000 students in various disciplines.

The HCC Real Estate business is also moving ahead at a fast clip. The 247 Park project at Vikhroli, Mumbai, is expected to be completed by end-May 2009, Almost 50% of the space has been leased and clients have begun work on the interiors.

Source: Press Release Distribution via India PRwire