IVRCL Ltd posted a loss of Rs 68 crore for the third quarter ended December 31 against a profit of Rs 6.85 crore for the corresponding quarter last year.
The Hyderabad-based construction and infrastructure company closed the quarter with revenues of Rs 1,270.10 croreas against Rs 1,202.53 crore in the year ago period.
The performance was impacted by high interest outgo cutting into profitability.
For the nine months ended December, the company had a profit of Rs 20.60 crore and revenues of Rs 3,372.91 crore.
E. Sudhir Reddy, Chairman and Managing Director of IVRCL, in a statement to the BSE, said that the company’s performance reflects the merged entity following approval by the Andhra Pradesh High Court.
The Income-Tax authorities had conducted search and seizure operations and the matter is under consideration by the authorities.
The company is also in an advanced stage of negotiations for divestment of stake in some of the matured assets, particularly road assets. However, with the market conditions proving to be tough, the deals have not been concluded. A couple of transactions are likely to be inked during the year.
On Thursday, the company shares ended at Rs 29.40 on the BSE, down 3.29 per cent against the previous close.