IVRCL Ltd., has posted a 92 per cent drop in its net profit for the fourth quarter ended March 31, 2012, at Rs 4.94 crore against Rs. 64.25 crore for the corresponding quarter last year.

The company turnover for the fourth quarter too dropped to Rs. 1598.03 crore against Rs. 2052.04 crore for the corresponding period last year.

Mr K.Balarami Reddy, CFO of IVRCL, said the company performance has been impacted due to overheads, and an increase in interest costs has taken a toll on its overall margins and due to general business environment where decision making is getting delayed.

For the year ended March 31, IVRCL recorded a big dip in net profit at Rs 24.08 crore against Rs 157.89 crore for the corresponding quarter last year. The income from operations was also down at Rs. 4970.89 crore against Rs. 5651.45 crore for the year ago period.

IVRCL and its listed subsidiaries have achieved an aggregate turnover of Rs 2,142 crore for the fourth quarter against Rs. 2511 crore for corresponding period last year. The Group recorded a total turnover of Rs 6,761 crore for the year against Rs 7,254 crore for previous year.

The company mentioned that it now has an order book of Rs. 27,794 crore, including where it has been declared lowest bidder.

The company engineering subsidiary Hindustan-Dorr Oliver Ltd (HDO) has posted a profit of Rs. 9.35 crore for the fourth quarter (Rs. 1.37 crore) and achieved a turnover of Rs. 318.35 crore (Rs. 200.45 crore).

IVRCL Assets & Holdings Limited posted a loss of Rs. 20.40 crore for the fourth quarter (Rs. 15.19 crore). The company turnover was down at Rs. 227 crore (Rs. 258.12 crore).

>vrishi@thehindu.co.in

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