Hyderabad, : Part of the USD 1.6 billion CK Birla Group, HIL Limited, one of the world's largest manufacturers and sellers of fibre cement roofing and green building products, has announced the financial results for the quarter ended June 30, 2016. Some of the highlights are as under:
· Net profits for the quarter stands at INR 31.48 crores.
· Achieved a turnover of Rs. 385 Crores compared to Rs. 404 Crores achieved during the corresponding quarter of the previous year.
Commenting on the results, Mr Prashant Vatkar, Managing Director, HIL Limited said, “The Q1 profits of FY17 have been in-line with our expectations. We have witnessed a rough drop of about 5% as compared to the previous fiscal due to adverse and competitive market conditions”
He further added, “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”