HCL posts Rs 28.55 crore profit in Q2

Kolkata, Nov 10 (IANS) State-run Hindustan Copper Ltd (HCL) on Friday reported that its net profit jumped over four times to Rs 28.55 crore for the quarter ended September 30 as compared to Rs 6.77 crore in the year-ago period.

Its revenue from operations, in the quarter under review, stood at Rs 519.33 crore, up by 187 per cent from Rs 180.78 crore in the year-ago period.

The miner also reported that its total expenses in the second quarter of the current fiscal was at Rs 495.77 crore as against Rs 204.52 crore in the corresponding quarter last year.

The company said its board has approved the proposal to increase the borrowing limits from consortium or other banks by way of overdraft or cash credit or working capital demand loan up to an aggregate of Rs 650 crore.

The board approved the draft joint venture agreement between HCL, National Aluminium Company Limited (NALCO) and Mineral Exploration Corporation Limited (MECL) for formation of a joint venture company for exploration and mining strategic minerals aboard, according to the regulatory filing.

The miner also said the board authorised its Chairman and Managing Director to take all such actions as may be necessary for successfully clinching the joint venture with two other companies.

The city headquartered company is presently implementing mine expansion scheme to quadruple its production capacity from 3.4 million tonnes to 12.4 million tonnes per annum within the next five years.

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