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IVRCL Ltd has posted a loss of Rs 88.48 crore for the first quarter ended June 30 as against a loss of Rs 6 crore for the corresponding quarter last year. The loss has gone up due to high finance costs.
Overall revenue was also impacted with the company posting lower income of Rs 1,007 crore as against Rs 1,207 crore in the previous corresponding quarter. This was due to slower pace of project implementation due mainly to delays in securing clearances.
The Hyderabad-based construction company has an order book of Rs 5,249 crore, including orders where it has been listed lowest bidder (L1).
The company has trade receivables of Rs 220 crore, including those under arbitration process.
After initial gains, IVRCL shares closed flat at Rs 11.35 at BSE today.
rishikumar.vundi@thehindu.co.in
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