Ramky Infrastructure Limited has posted a loss of Rs 74.35 crore for the second quarter ended September 30, 2013 as against a profit of Rs 18.75 crore for the corresponding quarter last year on a standalone basis.
The Hyderabad-based construction and infrastructure company also registered a big drop in its income at Rs 413.05 crore for the second quarter as against Rs 613.43 crore for the same period last year on a standalone basis.
The company numbers were impacted due to slower pace of execution of projects due to delays in clearances and also high interest rates.
For the first half ended September 30, 2013, the company posted a loss of Rs 115.25 crore as against a profit of Rs 43.92 crore for the same period last year. The income was also lower for the first half at Rs 1,031.04 crore (Rs 1,282.61 crore).
During the first half, the company has made a cumulative provision of Rs 93.25 crore as a matter of caution to cover its currently perceived risks in relation to certain long outstanding receivables including retention money and amounts withheld by customers.
On a consolidated basis, the company posted a loss of Rs 72.04 crore for the second quarter ended September 30, 2013 versus profit of Rs 35.46 crore. The total income was lower at Rs 534.19 crore (Rs 750.90 crore).
rishikumar.vundi@thehindu.co.in