C&C Constructions achieves 3rd quarter sales of Rs 317 crore
Posts Rs10.87 crore profit after tax.
Tweet-- Continuing its past trend of posting healthy results infrastructure major C&C Constructions achieved a 3rd quarter sales figure of Rs 317 crore up by 12 % from the Rs283 crore achieved in the same period last year. This is highly creditable considering the prevailing market conditions. That apart the net profit after tax too grew to Rs 10.87 crore from Rs 8.09 crore last year. Segment wise Indian operations contributed Rs 302.9 crore to the total revenue while overseas operations contributed Rs.14 crore. Profit before interest and tax from Indian operations totaled Rs 74.8 crore whereas overseas operations resulted in a profit before interest and tax of Rs 3.11 crore.
Said, GS Johar, Chairman C&C Constructions, "Our business delivered another quarter of robust performance with net sales growing 12% to Rs. 3,170 million from Rs. 2,829 million. Operating profit expanded 66.8% to Rs. 817 million from Rs. 490 million in the corresponding quarter last year while margins were higher by 847 basis points at 25.8%. Net Profit in Q3 FY2010 was higher by 34.4% at Rs. 109 million from Rs. 90 million translating to non annualised earning per share of Rs. 5.95".
Going forward the company is all set to better its performance by virtue of efficient implementation of existing projects and active procurement of fresh projects in India and abroad.
Notes to Editor
Incorporated in 1996, C & C Constructions Limited is an infrastructure project development company that provides engineering, procurement and construction services for infrastructure projects. Their project expertise lies primarily in transportation engineering projects including roads and bridges. In 2007, after successfully establishing a strong brand name and developing an area of core competency, C & C Constructions diversified its operations across two value added business divisions namely Building and water sanitation & sewerage to stay in line with the rise in demand for intricate value added projects.
The Company continues to enjoy strong revenue visibility aptly demonstrated by a healthy order book of Rs. 27,379 million as on March 31, 2010. Over 57% of the total order book is from independent contracts while the remaining is through joint ventures with strategic partners. Over 45% of the business is derived from Bihar and Afghanistan while Punjab and Haryana, now constitute 30% of the total pending order book. The Roads & Highways vertical continues to remain the company's forte currently contributing over 52% of total pending order book. Significant progress has been made in growing business from other verticals like Buildings and Railways, which now make up over 43% of total pending order book.
The company is now in the final stages of a capital raising exercise. Rs. 126.87 crore have been successfully raised through QIP and warrants issued to promoters with an additional Rs. 50 crore in the pipeline. These proceeds will be primarily used to capture greater wallet share from abundant business opportunities on offer. More specifically, the capital raised will be used to acquire heavy duty machinery, increase investments in BOT projects and also feed the Company's long term working capital requirements.
During the quarter, an LOI was signed with Cinepolis for construction of a 10 screen megaplex at the Mohali junction in Punjab. Earlier in 2009, C&C won a Rs. 533 crore order from the government to build and operate the Inter State Bus Terminal in Mohali. The megaplex project spanning over 65,000 sq. ft is in the same vicinity and is expected to be complete in second quarter of 2011.
For further information please contact:
Vipin Labroo
Top Inspiration PR
labroovipin@gmail.com
9873981975
