HIL revenue up by 42 pc to Rs 586 in Q2 FY 20

HIL revenue up by 42 pc to Rs 586 in Q2 FY 20

Agency News

Hyderabad, Nov 14 : Part of the USD 2.5 billion CK Birla Group, HIL Limited, which is one of Asia’s leading building material solutions company, on Thursday announced the financial results for the quarter ending September 30, 2019.

The company reports growth in revenues by 42 per cent to Rs 586 crore in Q2 FY20’ as against Rs 413 crore over the same quarter of FY19’, a company statement here said.

The company’s consolidated EBITDA stood at Rs 60 crore compared to Rs 71 crore for the same quarter last year, a decline of 15 per cent year-on-year on account of tough market conditions and huge reassure on raw material prices during the quarter.

Consolidated Profit after tax showed 164 per cent increase at Rs 32 crore as the company chose to exercise the option permitted under Section 115BAA of the income tax act, 1961 as introduced by Taxation Laws (Amendment), Ordinance 2019.

Speaking on the results, Mr Dhirup Roy Choudhary, Managing Director, HIL Limited said, “Despite an environment of general slowdown in the economy, muted demand for construction and building materials, and higher raw material costs, HIL Ltd has delivered growth in revenue and PAT in Q2 FY 2019-20.

Our international acquisition is improving at the right pace and we are very confident of exceeding our own expectations. This is the result of several steps undertaken to improve the efficiencies of operating processes focus on cost and productivity across the enterprise to minimize the impact of external factors.

I strongly believe that these practices will continue to drive HIL’s growth and reflect positive numbers in the upcoming quarters. Going forward, we will focus on retaining our position of a leading, global, innovative, and eco-friendly building and infrastructure solutions company and creating sustainable value for our stakeholders.” (UNI )