IVRCL posts Rs 6-cr loss in Q1

Our Bureau Hyderabad | Updated on August 30, 2012

IVRCL Limited has posted Rs 6 crore loss during the first quarter ended June 30, 2012 as against a profit of Rs 4.21 crore for the corresponding quarter last year.

The total income for the current quarter was up at Rs 1207.06 crore as against Rs 1124.25 crore during the same period of previous year.

For the extended full year ended June 30, 2012, the company registered a net profit of Rs 18.07 crore and a total income of Rs 6177.95 crore.

This is against a net profit of Rs 157.89 crore for the last fiscal ended March 31, 2011 with income of Rs 5651.45 crore.

The Executive Director of Finance, R. Balarami Reddy, said that the business continues to be sluggish and the macro economic conditions are tough for infrastructure companies. The interest rates are high for infra firms to function and clearances are hard to come by for execution of new projects.

"We are sitting on an order book of Rs 27,000 crore and hope to see business environment getting better with some moves initiated by the Prime Minister, Manmohan Singh," he said.

The company has closed a stake sale deed for one of the road special purpose vehicles and is close to finalising deals with three other projects, he added.

Published on August 30, 2012

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