KOLKATA: Hindustan Copper Ltd on Saturday registered a 32 per cent decline in its net profit to Rs 60.97 crore in the Q4 period ended March 2011 over the corresponding period last year.
The turnover was also down by 30.38 per cent during the quarter to Rs 285.25 crore in comparison to the corresponding period previous year, the company said.
Speaking to reporters, HCL chairman and managing director Shakeel Ahmed said the delay of the proposed FPO would not impact the ongoing expansion projects.
"There is no need for funds for the next two years as we can manage from internal accruals," he said.
HCL failed to appoint five independent directors on the board, a pre-requisite for a company to hit the capital market.
HCL said the company is facing an investment gap of Rs 207 crore to implement the investment plan of Rs 3,677 crore by 2017.
The company said out of seven projects, six projects would be finalised by June.
The capacity by 2017 was expected to rise to 12.4 million tonne from 3.47 million tonne now if all projects sailed smooth.
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