HITES achieves 58 pc jump in net profit during 2022-23
Apr 06, 2023
New Delhi [India], April 6 : State-run HLL Infra Tech Services (HITES) on Thursday said it achieved a 58 per cent jump in net profit with total turnover climbing 19 per cent to Rs 361.38 crore during the financial year 2022-23.
HITES, a central public sector undertaking under the Union health ministry, reported profit after tax at Rs 27.76 crore in 2022-23, against Rs 17.60 crore a year ago - a significant feat for a Miniratna subsidiary with net worth of just Rs 2 crore which was incorporated merely nine years ago. Total turnover during the same period was Rs 361.38 crore, against Rs 303.40 crore in 2021-22.
These significantly positive results were achieved largely due to the infrastructure development business which saw the completion of the new All India Institute of Medical Sciences (AIIMS) at Bhatinda, Gorakhpur and Guwahati and upgradation of multiple projects during the last fiscal year, according to a statement from the ministry of health and family welfare.
HLL Lifecare (HLL) is a 50-year-old public enterprise, under the ministry of health and family welfare. With the objective to specifically focus on the construction and procurement business in the health care sector, HITES- HLL Infra Tech Services was raised on April 2014 with the objective to focus on the construction and procurement business in the health care sector, the ministry's statement said. Besides building infrastructure, it provides procurement consultancy, facility management and bio-medical engineering.
The Infrastructure Development Division of HITES offers services in the areas of architectural, structural and MEP design, estimation, bid process management, project and construction management including site supervision, contract management, facility management, etc.
The ministry said It has of late diversified into setting up institutional, commercial, residential, tourism-related projects where it provides comprehensive services from "Concept to Commissioning".
