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Madhucon Projects Ltd has posted a steep decline in net profit and income for the fourth quarter ended March 31, 2013, as against the previous year quarter.
The Hyderabad-based construction and infrastructure player registered a 38 per cent dip in its net profit to Rs 9.29 crore (Rs 14.95 crore), and a 63 per cent fall in total income to Rs 160.62 crore (Rs 432.32 crore). For the fiscal ended March 31, 2013, the company closed with a slightly lower net profit of Rs 33.76 crore (Rs 34.76 crore) and a 42.05 per cent drop in income to Rs 1,044.97 crore (Rs 1,803.15 crore).
The company board has recommended a dividend of 10 paise per equity share of Re 1 each (10 per cent) for the financial year. Madhucon has nine road projects under its portfolio worth Rs 7,000 crore. Of this, four tollways have been commissioned, while work on three annuity projects and the financial closure for two other tollways is under progress.
The company will commission two units of 150 MW each under phase II of the Simhapuri power project by October 2013. With the completion of the second phase, the Simhapuri project, which envisages 1,920 MW in three phases, will have an installed capacity of 600 MW. Madhucon is also in the process of achieving financial closure for a power and mine project in Indonesia. It has pre-qualified for EPC works worth Rs 17,000 crore.
Madhucon shares closed at Rs 24.25, up 3.41 per cent on the BSE.
> rishikumar.vundi@thehindu.co.in
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