Hindustan Construction Company (HCC) on Thursday reported a consolidated net profit of Rs 139.2 crore for the second quarter ended September 30.

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The company had clocked a net loss of Rs 476.61 crore in the corresponding quarter last year, it said in a statement.

 

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Its total income in July-September 2021 stood at Rs 2,848 crore, compared with Rs 1,831 crore in the year-ago period.

The firm's total expenses rose to Rs 2,750 crore, compared with Rs 2,093 crore a year ago.

The company said HCC's debt resolution plan (RP) continues to have the complete support of its lenders with continual and ongoing receipt of lender board approvals.

Delay in the RP implementation has resulted in the accrual of higher interest cost during the quarter, it added.

According to the company's statement, during the quarter, HCC and HCC Concessions have received the amounts related to the settlement of disputes with the National Highways Authority of India (NHAI) for Farakka Raiganj Highways.

The company also said HCC Concessions is now fully owned by the HCC Group, and the HCC Infrastructure Group of companies are debt-free, barring special purpose vehicle project debt.