Gayatri Projects Ltd has posted a lower net profit of Rs 2.23 crore for the first quarter ended June 30, 2014 against Rs 9.11 crore in the corresponding quarter last year.
The Hyderabad-based construction and infrastructure company registered drop in total income to Rs 342.18 crore for the quarter ended June 30, 2014 from Rs 444.61 crore in the same period last year.
Sandeep Kumar Reddy, Managing Director of Gayatri Projects, said, “Our performance for the quarter has to be looked at in the light of what has been a continuing challenging environment. We are now seeing a visible improvement in the macros and are optimistic of this translating to improved order flow.”
The performance of the road portfolio comprising operational and construction projects continues to remain strong. All of the operational projects generating excess cash post meeting their debt commitments is reflective of the quality of assets, he said.
Power subsidiary
The development of power subsidiary continues to progress steadily and Gayatri is on track towards commissioning the first phase of Thermal Powertech project taken up in partnership with SembCorp by the year-end.
In addition, the extension of the partnership with SembCorp in the 1,320-MW project along with NCC Ltd ensures prudent financial and technical expertise, enabling timely completion of the project.
The company now has an order book of Rs 6,931 crore. While the Tollway IDTL has completed major portion, the first phase of 1,320-MW Thermal Powertech in Krishnapatnam is expected to be fully ready by the year-end.
Gayatri Projects shares ended at Rs 118.40, up 5 per cent