Praveen Sood, CFO at HCC informed a few EPC contracts of the company in the past were delayed due to land clearance issues and added that there exists outstanding claims of approximately Rs 4,000 crore with various govt authorities.
Hindustan Construction Company (HCC) won arbitration award of Rs 217.18 crore for extension of time (EOT) cost claim in Lucknow-Muzaffarpur National Highway Project on Wednesday after 20 momths of hearing.
Speaking about the project, Praveen Sood, CFO at HCC said a major component of the award is the interest component. The construction company's order book, including L1 projects, stands at approx Rs 18,000 crore, he said.
He informed a few EPC contracts of the company in the past were delayed due to land clearance issues adding that there exists outstanding claims of approximately Rs 4,000 crore with various govt authorities.
HCC has secured Rs 217.18 crore as an arbitration award in the Lucknow-Muzaffarpur National Highway Project case.
Below is the transcript of Praveen Sood's interview with Latha Venkatesh & Sonia Shenoy on CNBC-TV18.
Sonia: Can you take us through the news flow?
A: We have been doing work for National Highways Authority of India (NHAI) for a long period and few of our engineering, procurement and construction (EPC) contracts were delayed because the land was given to us with much delay and we have lodged claims.
These were the projects which we have completed long time back in 2011-12 or 2012-2013 and we have lodged claim on NHAI that they have to compensate us for the additional cost which is basically for overstaying at the site and interest cost and the escalation in the prices of the work.
Obviously the NHAI preferred arbitration route in these cases and we have gone through arbitration route and finally after almost 20 months of hearing we have got awarded in our favour for amounting to almost Rs 218 crore. A major component of the award is interest of almost Rs 82 crore.
Hind Constr stock price
On March 25, 2015, at 14:05 hrs Hindustan Construction Company was quoting at Rs 30.70, up Rs 0.95, or 3.19 percent. The 52-week high of the share was Rs 49.00 and the 52-week low was Rs 15.50.
The company's trailing 12-month (TTM) EPS was at Rs 1.32 per share as per the quarter ended December 2014. The stock's price-to-earnings (P/E) ratio was 23.26. The latest book value of the company is Rs 19.38 per share. At current value, the price-to-book value of the company is 1.58.
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