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Madhucon Projects Limited has posted a steep fall in its revenues and net profit for the first quarter ended June 30, 2013 due to fund crunch and slow progress of projects.
The Hyderabad-based construction and infrastructure company logged a net profit of Rs 2.33 crore for the first quarter as against Rs 7.02 crore for the corresponding period last year.
The revenue for the first quarter was down 67 per cent at Rs 108.84 crore versus Rs 336.16 crore for the same period last year.
In a statement, the company said that the fall in turnover during the first quarter was due to funds crunch on account of restrictive bank procedure for credit facilities especially for the infra sector. The rupee devaluation and the subdued GDP growth too have taken a toll on the implementation of projects.
The company stated that it has an order book of Rs 7,828 crore and has been pre-qualified in number of infrastructure works of over Rs 25,686 crore in the areas of highways, railways, power plants and transmission line projects.
Madhucon shares closed at Rs 8.57, up 3.75 per cent.
rishikumar.vundi@thehindu.co.in
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