HITES surges with 31 per cent increase in net profit amidst stellar fiscal performance
Apr 03, 2024
New Delhi [India], April 3 : HLL Infra Tech Services Limited (HITES), a Central Public Sector Enterprise (CPSE) under the Ministry of Health and Family Welfare, has marked an achievement with a 31 per cent surge in net profit during the financial year 2023-24, ending March 31.
The company reported a substantial growth in total turnover, climbing by 17.18 per cent to reach Rs 425.10 crores, compared to Rs 362.77 crores in the previous fiscal year.
HITES disclosed a Profit after Tax of Rs 32.86 crores during the fiscal year 2023-24, compared to Rs 25 crores in the preceding year, showcasing its robust financial performance.
These results underscore the journey of HITES, which was incorporated merely a decade ago with a paid-up capital of just Rs 2 crores.
The jump in net profit reflects the company's unwavering commitment to excellence and innovation in the healthcare infrastructure sector.
The surge in profitability can be attributed primarily to the Infrastructure Development business segment, which witnessed the successful execution of various projects.
Notable achievements include the construction of new AIIMS facilities at Bibinagar (Telangana) and Rewari (Haryana), as well as the upgradation of Medical Colleges and Hospitals in Alibagh and Nandurbar, Maharashtra.
Furthermore, HITES has made significant strides in completing and executing various healthcare and allied projects nationwide, including medical colleges, hospitals, laboratories, and procurement of medical equipment.
The company's diverse portfolio also encompasses biomedical engineering and facility management services.
Established on April 3rd, 2014, HITES, a subsidiary of HLL Lifecare Limited (HLL), was conceived with the specific objective of focusing on the construction and procurement business in the healthcare sector.
Over the years, it has emerged as a key player in the industry, offering comprehensive services from "Concept to Commissioning" in institutional, commercial, residential, and tourism-related projects.
The Infrastructure Development Division of HITES provides a wide range of services including architectural, structural, and MEP design, estimation, bid process management, project and construction management, site supervision, contract management, and facility management. Its recent foray into various sectors reflects its commitment to diversification and innovation.
