HCC Says Close To Completing Debt Recast With Lenders
A debt recast should help HCC Ltd. to build more order backlog momentum, Vice Chairman Arjun Dhawan tells BQ Prime.
HCC Ltd. said it expects to sustain momentum after turning around and recording its "highest revenue" in FY22.
The company is at the cusp of completing reorganisation of its debt with lenders, Arjun Dhawan, vice chairman and whole-time director at construction company, told BloombergQuint in an interview. That, he said, should help build more order backlog momentum.
The company’s order backlog has remained flat over the last two to three years as it's been trying to resolve debt with lenders. It transferred Rs 3,000 crore of debt and Rs 7,000 crore of asset sales and award claims to a special purpose vehicle carved out towards the resolution purpose.
After the process is completed, Dhawan said, the company expects a 25% growth in order book.
HCC reported consolidated net profit of Rs 419.7 crore in FY22 against a loss of Rs 610 in FY21.
Consolidated revenue stood at Rs 10,669.7 crore in FY22, up 29% from a year earlier.
Watch the full conversation here: