IVRCL posts 63 per cent increase
HYDERABAD: Different results were presented by the two city-based infrastructure majors. While Lanco’s profits were down, IVRCL posted a substantial increase in its net profit.
Lanco Infratech’s profit after tax (PAT) was down by eight per cent at Rs. 51.60 crore in the second quarter of the current financial year, compared to Rs. 56.3 crore in the year-ago period.
43 p.c. rise in PAT
The company, however, posted a 43 per cent rise in PAT before deducting notional foreign exchange loss of Rs. 14.3 crore and taking inter-segment profit on transaction with subsidiaries and associates at Rs. 87 crore against Rs. 60.9 crore in the corresponding quarter last year.
It registered a 107 per cent increase in gross revenue at Rs. 1,290.60 crore in the quarter under review against Rs. 622.50 crore in the corresponding quarter last year. The operating revenues increased 113 per cent from Rs. 600.60 crore in Q2 of FY08 to Rs. 1,279 crore.
IVRCL Infrastructures & Projects Limited (IVRCL) achieved a turnover of Rs.1,159 crore for the second quarter against Rs. 699 crore for the corresponding quarter of the previous year, an increase of 66 per cent.
Net profit up
The net profit increased by 63 per cent to Rs. 57 crore in the quarter under review from Rs. 35 crore in the year-ago period.
The net worth of the company as on September 30, 2008 stood at Rs. 1,707 crore.