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The performance of IVRCL Ltd has been adversely impacted with the company posting a loss of ₹171.68 crore for the third quarter ended December 31, 2014, as against a loss of ₹177.69 crore for the corresponding quarter last year.
The total income from operations for the third quarter slipped significantly to ₹644.87 crore as against ₹956.16 crore for the same period last year, due to slower pace of project implementation.
The Hyderabad-based infrastructure company has to absorb finance cost of ₹159.17 crore during the third quarter as against ₹164.13 crore, and the slower pace of project implementation impacted the overall numbers.
For the nine months period ended December 31, 2014, the company registered a loss of ₹517.15 crore and income of ₹2,089.87 core as against a loss of ₹388.67 crore and income of ₹3,087.68 crore for the corresponding period last year.
According to a statement from R Balarami Reddy, Joint Managing Director, IVRCL, the company had to bear with a finance cost of ₹441.18 crore for nine months this fiscal as against ₹440.94 crore for the corresponding period last year. The company, which intimated the results to BSE late on Friday, stated that it has an order book of ₹17,135 crore as of December 2014.
IVRCL, which had invested ₹65.75 crore in its subsidiary Hindustan Dorr Oliver Ltd, stated that its net worth has been substantially eroded but was hopeful of its revival.
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