IVRCL Ltd has posted a loss of Rs 39.59 crore for the second quarter ended September 30, 2012 as against a profit of Rs 8.13 crore for the corresponding period last year.
The company’s total income from operations was also lower at Rs 994.72 crore for the second quarter as against Rs 1,046.11 crore for the corresponding three months last fiscal.
The figures of the comparative quarters do not fully reflect the company numbers. IVRCL was a single entity last fiscal with IVRCL Assets & Holdings Ltd reporting as another entity. However, following the Andhra Pradesh High Court’s approval for a composite scheme of arrangement, the real estate undertaking from IVRCL Assets & Holdings Ltd has been demerged so has the tower business.
The company had sought permission to announce results for the 15-month period ended June 30, 2012. IVRCL registered a net profit of Rs 18.07 crore for the 15 months with total income from operations at Rs 6,177.95 crore.
In a statement filed with the stock exchanges, E. Sudhir Reddy, Chairman and Managing Director, said the company had trade receivables of Rs 126 crore which have been outstanding for more than three years and Rs 54 crore is under arbitration.
Referring to search operations by the Income Tax department, he said the department has sought additional clarifications.
Like most infra sector companies, its margins are under pressure due to high interest rates and delays in project-related clearances impacting performance.