IVRCL’s Q4 net profit slumps over 92%

Leading infrastructure firm IVRCL has reported a steep decline of over 92.31% in its standalone net profit to Rs 4.94 crore for the quarter ended March 31, 2012, largely due to increased expenses. The company had posted a net profit of Rs 64.25 crore in the year-ago period.

The net sales of the company also fell by 22.22% to Rs 1,596.03 crore vis-a-vis Rs 2,052.04 crore in the January-March period of previous fiscal. The company reported a total expenditure of Rs 1,521.91 crore during the quarter.

For the full year 2011-12, the company reported a decline of 84.75% in its standalone un-audited net profit to Rs 24.08 crore compared to Rs 157.89 crore in FY'11.

The net sales of the company has also declined by over 12% to Rs 4,970.89 crore in FY’12 from Rs 5,651.45 crore.

The company has a current order book of Rs 27,794 crore. The Hyderabad-based firm has secured shareholders and creditors approval for merging group firm IVRCL Assets and Holdings into itself and the matter is pending for approval before the Andhra Pradesh High Court.