The performance of IVRCL Ltd has been adversely impacted with the company posting a loss of Rs 171.68 crore for the third quarter ended December 31, 2014 against a loss of Rs 177.69 crore in the corresponding quarter last year.

Total income from operations during the third quarter slipped significantly to Rs 644.87 crore from Rs 956.16 crore in the same period last year, due to slower pace of project implementation.

The Hyderabad-based infrastructure company has to absorb a finance cost of Rs 159.17 crore during the third quarter against Rs 164.13 crore, and the slower pace of project implementation impacted the overall numbers.

For the nine-month period ended December 31, 2014, the company registered a loss of Rs 517.15 crore and an income of Rs 2,089.87 core against a loss of Rs 388.67 crore and an income of Rs 3,087.68 crore in 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 Rs 441.18 crore for the nine months of this fiscal against Rs 440.94 crore in the corresponding period last year.

The company, which intimated the results to BSE late on Friday, stated that it has an order book of Rs 17,135 crore as of December 31, 2014.

IVRCL, which had invested Rs 65.75 crore in its subsidiary Hindustan Dorr Oliver Ltd, stated that its networth has been substantially eroded but was hopeful of its revival.

During the quarter, the company has signed up with Utico FZC, Dubai, for divestment of its subsidiary Chennai Desalination Ltd.

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