IVRCL bags order worth Rs 653 crore

IVRCL’s irrigation, buildings and water divisions have bagged orders worth Rs 652.65 crore. This includes a project from Government of Andhra Pradesh estimated to finish in 36 months and another project from Sardar Sarovar Narmada Nigam, Gujarat estimated to complete in 15 months.

The company has bagged order worth Rs 512.83 crore under its irrigation division, won order worth Rs 103.82 crore under buildings division and secured Rs 36 crore worth of order under its water division.

The company 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.

IVRCL 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.