Ramky Infrastructure today reported Rs 34 crore loss for the quarter ended June 30, 2013 due to higher provisioning.

The company had posted a net profit of Rs 51 crore during the corresponding quarter of last fiscal.

The company’s net sales were down by 21 per cent at Rs 699.45 crore for the quarter under review as compared to Rs 881.97 crore in the same period last year.

“... Incremental provisions made as a matter of abundant caution on its currently perceived risks in relation to certain long outstanding/non-moving receivables, including retention money and amounts withheld by the customers, advances to suppliers and sub-contractors, project inventory and project work-in-progress aggregating Rs 54.93 crore,” Ramky said in a statement.

These risks primarily arise from the uncertainties and stress in the macroeconomic environment, he added.

EBITDA for the quarter stood at 43.68 crore as compared to Rs 161.72 crore in the corresponding period of last year, while EPS stood at Rs 5.96 compared to Rs 8.91 in same period last fiscal.

Company’s MD, Y R Nagaraja said overall macro-economic environment of infrastructure development in India was dominated by high interest rate, sluggish demand, liquidity issues and higher input costs.

“These factors have an impact on the performance and operations of infra companies. This is compounded with low order inflows. We believe that Ramky is taking best efforts to tide over the difficult times the sector is facing,” Nagaraja said.

As on date, the company has the order book of Rs 11,357 crore.

Ramky shares closed down 5.01 per cent at Rs 34.15 on the BSE today.

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