HITES records 31% rise in net profit at Rs 32.86 crore in FY24

HLL Infra Tech Services Ltd (HITES) has reported a 31 per cent jump in net profit to Rs 32.86 crore in 2023-24 compared to Rs 25 crore in FY23 on higher revenue from the infrastructure division, the Health Ministry said on Wednesday.

The total turnover of the central public sector undertaking under the Health Ministry rose by 17.18 per cent to Rs 425.10 crore in 2023-24 against Rs 362.77 crore in 2022-23, the ministry said.

"These significantly positive results were achieved largely due to the infrastructure development business which saw the execution of the new All India Institute of Medical Sciences (AIIMS) at Bibinagar (Telangana) and Rewari (Haryana)," the ministry said.

Besides, the company also executed projects of upgradation of medical colleges and hospitals at Alibagh and Nandurbar, Maharashtra, and other healthcare and allied projects at various locations pan India.

The company also provided medical equipment procurement and facility management services in the last fiscal year. HITES is a wholly-owned subsidiary of state-run Ayurvedic and hospital products manufacturer HLL Lifecare Limited (HLL).

HITES focuses on the construction and procurement business in the healthcare sector. It also provides procurement consultancy, facility management and bio-medical engineering.