Construction and infrastructure company IVRCL Limited has posted a huge Rs 122.49 crore loss or the second quarter ended September 30, 2013 as against loss of Rs 39.59 crore for the corresponding quarter last year.
The company, however, managed to log in higher revenues of Rs 1,124.66 crore for the second quarter as against Rs 994.72 crore.
The company’s performance was impacted due to relative slowdown in progress and execution of projects on account of delays in securing clearances and also high interest rates impacting the bottomline.
The trade receivables of the company have gone up to Rs 238.21 crore and the management expects to recover them having initiated arbitration/legal proceedings.
The company has invested Rs 65.75 crore in its subsidiary Hindustan Dorr-Oliver Limited. The net worth of the subsidiary has eroded.
However, the company stated that the subsidiary is confident of implementing its business plans and improving future operations.
IVRCL shares closed at Rs 13.51, up 1.96 per cent at BSE today.