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The Chennai-headquartered Shriram EPC Ltd has reported a drop in net profit at Rs 1 crore for the quarter ended June 30, from Rs 7.90 crore in the comparable previous period. However, attributing the drop in net profit to a one-time provision of Rs 11 crore made towards bad debts, the Chief Financial Officer, R.S. Chandrasekhar, said Rs 2 crore of that is recoverable.
The company reported a 37 per cent growth in turnover at Rs 408 crore during the quarter from Rs 297 crore in the corresponding previous period.
During the quarter, it bagged orders from the Kerala Water Authority for setting up a water distribution system for Kozhikode city and a few adjoining villages at an expense of Rs 165 crore, and an order from Gujarat Water Supply and Sewerage Board amounting to Rs 46 crore. Including these, the company’s order book stood at Rs 2,957 crore as of June 30, 2012, says a release from the company.
It has also received approval from its board of directors to raise Rs 150 crore of equity capital. The funds will be used to reduce debt and for the company’s long-term business plans, the release added.
Shriram EPC is a provider of integrated design, engineering, procurement, construction and project management services for power plants, renewable energy projects and municipal service sector projects.
> ravikumar.ramanujam@thehindu.co.in
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