reports
- Shirish Rane
HCC's Q3FY20 results (Underperformer) - Initiated debt carve out of R...
Q3FY20 result highlights During the quarter, HCC reported a revenue decline of 2.4% yoy to Rs10.7bn (below our estimate of Rs12.3bn). Delay in execution of Mumbai Coastal road project continues to impact the revenues adversely. Note that work has resumed on the projects after Supreme Court order. EBITDA grew by 9.8% yoy to Rs2.2bn (in line with our estimates) led by lower cost of raw materials and favourable mix towards higher margin projects. As a result, EBITDA margin came in at 20.4%. Ad...
Hindustan Construction Co: 1 director sold
A director at Hindustan Construction Co sold 400,000 shares at 11.613INR and the significance rating of the trade was 70/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two ye...
HINDUSTAN CON.CO.LTD. reduces its risk exposure and slightly improves ...
The independent financial analyst theScreener just allocated a lower risk rating to HINDUSTAN CON.CO.LTD. (IN), active in the Heavy Construction industry. As regards its fundamental valuation, the title still shows 3 out of 4 possible stars. Its market behaviour, however, has slightly improved and can be qualified as moderately risky. theScreener considers that these elements merit an overall rating upgrade to Neutral. As of the analysis date November 22, 2019, the closing price was INR 10.60 an...
- Shirish Rane
HCC's Q2FY20 results (Underperformer) - Awaiting Supreme Court Judgme...
Q2FY20 result highlights During the quarter, HCC had filed a writ petition before Supreme Court for immediate release of payment from arbitration awards and has challenged the constitutional validity of Section 87 (came into force on August 31, 2019) which led to inapplicability of various provision of speedy recovery of arbitration awards introduced by The Arbitration and Conciliation (Amendment) Act, 2015 for cases filed prior to 23rd Oct, 2015. The judgement is due in couple of weeks ( hea...
- Shirish Rane
HCC's Q1FY20 results (Underperformer) - Closure of arbitration sale d...
Q1FY20 result highlights HCC reported revenue of Rs8.3bn in Q1FY20 (vs our estimate of Rs9.8bn), a decline of 11% yoy. However, excluding the arbitration claims booked during Q1FY19, revenues grew by 4% yoy in a quarter where execution was slow led by elections. Arbitration claims of Rs1.4bn were not booked in Q1FY20 as it was part of pool where sale agreement has been entered with Blackrock. EBITDA came in at Rs1.8bn, +73% up yoy (vs our estimate of Rs1.2bn) due to favourable mix towards hi...
HCC's Q3FY19 results (Underperformer) - Improved core performance
Q3FY19 result highlights HCC Q3FY19 earnings were below our estimates due to higher than expected interest costs. Reported PAT fell sharply by 68.3% yoy to Rs99m (est: Rs113m) on account of lower other income and higher interest costs. Revenue declined 10.5% yoy to Rs11bn and was below estimate of Rs11.7bn as PY revenues included arbitration awards worth Rs4bn against no material contribution in Q3FY19 revenues. Adjusted for this the core construction revenue grew 32.1 %yoy. EBITDA grew sha...
HCC's Q2FY19 results (Underperformer) - Liabilities on Lavasa fully wr...
Q2FY19 result highlights HCC reported steep loss in Q2FY19 mainly on account of write-offs taken in HREL (HCC Real Estate Limited) and LCL (Lavasa Corporation Limited). HREL is the holding company for Lavasa. Reported net loss stood at Rs15.3bn against an estimated PAT of Rs36m. HCC has settled its guaranteed outstanding liabilities related to Lavasa worth Rs11.8bn at Rs7.5bn (partly in process of being settled). The company has assumed this liability on its books with a corresponding write-...
HCC's Q2FY19 results (Underperformer) - Liabilities on Lavasa fully wr...
Q2FY19 result highlights HCC reported steep loss in Q2FY19 mainly on account of write-offs taken in HREL (HCC Real Estate Limited) and LCL (Lavasa Corporation Limited). HREL is the holding company for Lavasa. Reported net loss stood at Rs15.3bn against an estimated PAT of Rs36m. HCC has settled its guaranteed outstanding liabilities related to Lavasa worth Rs11.8bn at Rs7.5bn (partly in process of being settled). The company has assumed this liability on its books with a corresponding write-...
HCC's Q1FY19 results (Underperformer) - Execution remains impacted by ...
Q1FY19 result highlights HCC reported a net loss in Q1FY19 largely due to lower than expected revenue and higher subcontracting costs. Reported net loss stood at Rs197m as against an estimated PAT of Rs121m. Revenue remained flat yoy at Rs9.3bn and was below estimate of Rs10.6bn as execution remained constrained due to insufficient liquidity. Revenue on account of favourable arbitration claims was only at ~Rs340m in Q1 with a very marginal profit element. Adjusted for this the core construct...
HCC's Q4FY18 results (Underperformer) - Lavasa continues to remain a k...
Q4FY18 result highlights HCC’s Q4FY18 earnings were operationally weak with decline in earnings by 52.3%yoy to Rs201m, sharply below estimate of Rs348m. Net sales grew 6.2%yoy to Rs14.4bn (est: Rs13bn) led by revenue of Rs2.2bn (est: Rs1.7bn) from claims. Adjusting for revenue from claims, core EPC revenue grew 23.4%yoy to Rs12.2bn. EBITDA declined 28.8%yoy to Rs1.6bn (est: Rs1.8bn) and EBITDA margin declined 545bp yoy to 11.1% (est: 13.8%) due to lower core EPC margins. Adjusted for profits...
HCC's Q3FY18 results (Underperformer) - Execution continues to remain ...
Q3FY18 result highlights HCC’s Q3FY18 PAT grew 6.9x yoy to Rs313m (est: Rs305m) led by higher revenue from claims and higher other income. Net sales grew 30.4%yoy to Rs12.3bn (est: Rs11.8bn) led by revenue of Rs4bn (est: Rs1.5bn) from claims. Adjusting for revenue from claims, core EPC revenue declined 8.3%yoy to Rs8.3bn due to execution challenges led by stretched working capital situation. EBITDA grew 1.7%yoy to Rs1.6bn (est: Rs1.8bn) and EBITDA margin declined 375bp yoy to 13.3% (est: 15....
HCC's Q2FY18 results (Underperformer) - Execution remains weak
Q2FY18 result highlights HCC’s Q2FY18 earnings were operationally weak, but benefited from sharp reduction in interest costs sequentially (-10.5%qoq) due to debt repayment from arbitration proceeds. Adjusted PAT stood at Rs116m (-47.3%yoy) above estimate of Rs103m due to higher other income. Net sales grew 6.5%yoy to Rs9.7bn but were below estimate of Rs10.5bn due to weak execution. Arbitration awards booked in revenue during Q2FY18 were Rs1.9bn. EBITDA declined 23.7%yoy to Rs1.5bn (est: Rs1...
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