Infrastructure developer, Hindustan Construction Co Ltd has recorded a net profit of Rs 14.75 crore for the third quarter of the current financial year against Rs 23.20 crore in the same period previous fiscal.

Praveen Sood, the Chief Financial Officer of HCC said "The net profit figure is not comparable due to write back of excess tax provision of Rs 9 crore in the previous year."

The order book of the firm stood at Rs 15,703 crore on December 31, 2009 and the company expects it to reach Rs 21,000 crore by March end.

The company is the lowest bidder in projects worth about 55 billion rupees, according to Sood. These projects include a National Highways Authority of India (NHAI) project in West Bengal, a power project in Hyderabad and a pipeline project in Gujarat.

Total income of the firm rose to Rs 944.96 crore for the quarter against Rs 875.85 crore for the same period previous fiscal, HCC said in a filing to the BSE.

The power sector accounted for 40 per cent of the revenues while roads and irrigation segments contributed 28 per cent and 32 per cent, respectively.

For the first nine months of the current financial year, the company recorded a net profit of Rs 38.46 crore against Rs 73.98 crore in the same period last fiscal.

The company plans to raise 1-1.5 billion rupees by way of convertible debentures in the Jan-March quarter. It raised 2.5 billion rupees from ICICI Bank and 500 million from Allahabad Bank though similar instruments.

In the third quarter, the unit of the company, Lavasa reported a net profit of 420 million rupees on a turnover of 1.42 billion rupees in third quarter.

Shares of HCC were trading down 3.71 per cent at Rs 140.10 on BSE from its previous close.