Mumbai-based infrastructure major Hindustan Construction Company has on Thursday reported a decline of 69 per cent in standalone net profit to ₹9.91 crore in the third quarter of 2019 fiscal from ₹31.3 crore in the corresponding period last year.

The company’s turnover has declined from ₹1,231 crore in Q3 Fy18 to ₹1,102 crore in Q3FY19.

"We have infused substantial liquidity and strengthened our working capital position despite tight credit conditions across the economy, and particularly within the infrastructure sector,” Arjun Dhawan, Director & Group Chief Executive Officer, said.

He added the company is looking at multiple avenues to mitigate risks arising from lengthy working capital lock-ups.

During the third quarter company’s gross debt has reduced to ₹3,490 crore as of December 31, 2018, from ₹ 3,844 as on December 31, 2017. HCC’s order backlog currently stands at ₹18,213 crore, the company said. HCC has concluded the sale of Charosa Wineries Ltd. to Quintela Assets Ltd in line with its divestment strategy.

HCC has concluded its Rights Issue of equity shares amounting to ₹497.6 crore. The issue was subscribed 110.8 per cent, the company said. It added the promoter group's stake in the company has increased from 27.8 per cent prior to the rights issue to 34.3 per cent as on date.