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HIL Q1 net dips 5% to 31.48 cr
Fibre cement roofing and green building products manufacturer HIL Limited, a part of the $1.6-billion CK Birla Group, has reported a net profit of Rs 31.48 crore for the first quarter ended June 2016.
Hyderabad: Fibre cement roofing and green building products manufacturer HIL Limited, a part of the $1.6-billion CK Birla Group, has reported a net profit of Rs 31.48 crore for the first quarter ended June 2016.
The company achieved a turnover of Rs 385 crore during the quarter under review, as compared with Rs 404 crore in the same period a year ago, reflecting a decline of 4.7 per cent.
“We have witnessed a rough drop of about 5 per cent as compared to the previous fiscal due to adverse and competitive market conditions,” Prashant Vatkar, Managing Director of HIL Limited, said in a statement on Tuesday. “By FY17, the headwinds would subside though not completely.
This should improve existing conditions. However, we continue to focus on sharpening operational efficiency, reducing cost and scaling up across existing markets. As a result, we anticipate better results,” he said.
