Rs 13,568 crore order book: Penny stock HCC reports net profit of Rs 18.9 crore; board proposes rights issue!
The quarterly earnings will leave you in awe, as the company reported a turnover of Rs 1,230.9 crore in Q1FY24, up by 26.5 per cent
Indian markets plummeted on Thursday, with Nifty and Sensex ending lower by 0.74 and 0.82 per cent, respectively. However, there was one stock that hogged the limelight, and it was Hindustan Construction Company Ltd (HCC). The stock jumped over 6 per cent on Thursday and settled at Rs 20.7.
HCC is a business group of global scale developing and building responsible infrastructure through next practices. With an engineering heritage of nearly 100 years, HCC has executed a majority of India's landmark infrastructure projects, having constructed 26 per cent of India's Hydro Power generation and 60 per cent of India's Nuclear Power generation capacities, over 4,036 lane km of Expressways and Highways, more than 360 km of complex Tunnelling and 395 Bridges.
The company reported its earnings during market hours. The quarterly earnings will leave you in awe, as the company reported a turnover of Rs 1,230.9 crore in Q1FY24, up by 26.5 per cent compared to the same quarter last year. The company reported a net profit of Rs 18.9 crore in Q1FY24 compared to a loss of Rs 150.8 crore in Q1FY23. EBITDA margins stood at 12.6 per cent during Q1FY24 compared to 10.4 per cent in Q1FY23.
Sustainable growth and improved cash flow have been achieved due to the implementation of various project streamlining initiatives and constant emphasis on achieving operational excellence at worksites. During the quarter, the final segment of Anji Khad Railway Bridge Project in Jammu & Kashmir was launched. The project is now nearing completion. The Company handed over the Tata Memorial Cancer Hospital in Vizag to the client, and handover formalities for Rajasthan Atomic Power Project Unit 7 & 8 have begun with the Department of Atomic Energy overseeing the process. The company's order book stood at Rs 13,568 crore as of June 30, 2023.
The Board of Directors of the company has, inter-alia, considered and approved the proposal for fund-raising by way of issuance of equity shares of face value of Rs. 1 each of the company to its eligible equity shareholders on a rights basis ("Rights issue") for a value of up to Rs. 300 crore or through any other mode of capital raising.
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