The market had expected the company to post a loss for Q4FY13 but it was not expected to be this high. The company ended the quarter with a net loss at Rs.50 crore compared to loss of Rs.54 crore in Q4FY12. This has gone up from the loss of Rs.38 crore in Q3. Net sales slumped 15% (YoY) at Rs.983 crore. The company has blmed this fall in topline on delays on the Kishan-Ganga project due to the Afzal Guru agitation in Kashmir. High debt and consequently high interest income continues to burn a hole. Interest outgo for Q4 was at Rs.132 crore, 13% of net revenue earned. It also had a forex loss of Rs.11 crore.  For FY13, its consolidated loss stood at Rs 482.5 crore on a total income of Rs 8,510 crore.

The company has blamed it all on the macro economic situation worsened further by delayed decision making, delayed payments and clearance of projects.  During FY13, the company got 5 new orders valued at Rs.2478 crore and was the lowest bidder in 3 projects worth Rs.2265 crore. The company is looking at selling assets to bring down debt and improve cash flow.  HCC is looking to sell around 40 acres of land, and another 28 acres in Thane, on the outskirts of Mumbai. Lavasa should start adding substantially to the company’s topline from the current year. With a CDR also in place, things will start looking up once the macro environment also improves. Its consolidated debt (long term debt + short term debt) as at 31st March 2013 stands at Rs.9270 crore.