Financial Daily from THE HINDU group of publications
Tuesday, Jan 31, 2006
Financial Daily from THE HINDU group of publications Tuesday, Jan 31, 2006 |
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Corporate
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Announcements Info-Tech - Infrastructure IVRCL to build mall, IT Park at Gachibowli Our Bureau
Hyderabad , Jan 29 IVRCL Infrastructures & Projects Ltd though its wholly owned subsidiary, IVR Prime Urban Developers Ltd, is setting up a mall and IT park at Gachibowli here. In a press release here on Sunday, the company said it proposes to invest Rs 300 crore in this project. It is coming up near the campuses of Infosys, Microsoft, Wipro, ISB, Emaar Golf course and the financial District where UBS, Kanbay and Polaris have their facilities. The project, to be completed in 36 months, would be funded through a mix of internal accruals and debt. The two projects would come up on eight acre and four acre plots. They would have a built up area of 12 lakh square feet and 5 lakh sft respectively with over 3,500 car parks. IVRCL said it has appointed Bentel & Bentel, a South African Architect firm, for the design and Old Mutual of South Africa has been appointed for advising on the Property Management and Lease Management. The features offered in the proposed mall include retail, multiplex, food courts and entertainment plaza, the release said. Q3 net up 59 pc: The company has achieved a turnover of Rs 415.07-crore for the third quarter of current fiscal ended December 2005, as against Rs 283.37-crore in the corresponding quarter of previous fiscal, recording a growth of 46.48 per cent. The profit after tax for the quarter stood at Rs 22.16-crore (Rs 13.96-crore), an increase of 58.70 per cent. For the nine months period, IVRCL reported a gross income of Rs 959.48-crore (Rs 705.68-crore), a growth of 35.96 per cent, and a net profit of Rs 49.79 crore (Rs 31.54-crore), an increase of 57.87 per cent. The consolidated income (including subsidiaries Hindustan Dorr-Oliver and IVR Prime Urban Developers) for the nine months period stood at Rs 1,049.77-crore. Of this, Hindustan Dorr-Oliver posted an income of Rs 46-crore, and IVR Prime Urban Rs 56-crore.
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