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IVRCL Ltd has registered significant drop in its net profit during the first quarter ended June 30, 2011 at Rs 4.21 crore down from Rs 12.53 crore for the corresponding quarter last year.
However, the revenues of the Hyderabad-based construction and infrastructure company for the period remained flat at Rs 1,123.79 crore against Rs. 1,107. 27 crore for the corresponding quarter last year.
In a statement to the stock exchanges, IVRCL intimated that the Income-Tax authorities had conducted search and seizure of its offices, including corporate office on July 21. The authorities are in the process of examining the records.
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