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HCC: A forgetful year - Views on News from Equitymaster
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HCC: A forgetful year
Apr 28, 2012

Hindustan Construction Company (HCC) has announced results for the quarter and full year ended March 2012. During 4QFY12, net sales declined 4% YoY. At the net level, the company reported a loss of Rs 542 m. Here is our analysis of the results.

Performance summary
  • Top line declined by 4% YoY during 4QFY12. Delays in execution cycle and slowdown in order-inflows impacted top-line growth.
  • Operating profits declined by 49% YoY during the quarter due to higher construction expenses.
  • The company reported a net loss of Rs 542 m due to disappointing performance at the operating level, increase in interest expenses as well as lower exchange gains during the quarter.
  • Order book at the end of the quarter stood at Rs 153.4 bn. The company is also L1 in orders to the extent of Rs 17.1 bn.
  • During full year FY12, company's standalone revenues declined by 2.5% YoY, and the company reported a loss of Rs 2.2 bn as compared to a profit of Rs 710 m during FY11.
Standalone financial snapshot
(Rs m) 4QFY11 4QFY12 Change FY11 FY12 Change
Income from operations 12,021 11,557 -3.9% 40,907 39,882 -2.5%
Expenditure 10,296 10,678 3.7% 35,498 35,484 0.0%
Operating profit (EBDITA) 1,725 878 -49.1% 5,409 4,398 -18.7%
Operating profit margin (%) 14.4% 7.6%   13.2% 11.0%  
Other income 135 271 101.6% 439 1,228 179.7%
Interest 1,083 1,509 39.4% 3,290 5,431 65.1%
Depreciation 440 402 -8.5% 1,527 1,621 6.2%
Exchange gain/ (loss) 117 10 -91.8% 86 (95) -210.9%
Exceptional items - -   - (1,663)  
Profit before tax 454 (752) -265.7% 1,117 (3,185) -385.2%
Tax 228 -210 -192.3% 407 -962 -336.6%
Profit after tax/(loss) 226 (542) -339.6% 710 (2,222) -413.0%
Net profit margin (%) 1.9% -4.7%   1.7% -5.6%  
No. of shares (m)       606.5 606.6  
Basic & diluted earnings per share (Rs)         -0.9  
P/E ratio (x) *         NM  

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