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Wednesday, Jul 31, 2002

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IVRCL Q1 net down 28 pc

Our Bureau

HYDERABAD: IVRCL Infrastructure & Projects Ltd has registered a fall of 6.42 per cent in net profit from operations and 28.4 per cent fall in net profit after deferred taxation during the first quarter of current fiscal ended June 30, 2002 despite recording a marginal increase of 2.6 per cent in income from operations.

According to the unaudited financial results taken on record by the board, the company achieved an income of Rs 70.89 crore (Rs 69.08 crore), other income of Rs 5.05 lakh (Rs 8.99 lakh), net profit from operations of Rs 3.61 crore (Rs 3.86 crore) and net profit after deferred taxation of Rs 2.76 crore (Rs 3.86 crore), yielding an EPS of Rs 2.65 (Rs 3.7) on an equity base of Rs 10.44 crore.

For the quarter under review, the company incurred an expenditure of Rs 62.05 crore (Rs 59.75 crore) and provided Rs 3.14 crore towards interest and finance charges (Rs 4.11 crore), Rs 1.48 crore towards depreciation (Rs 99.6 lakh) and Rs 65 lakh towards taxation (Rs 45 lakh).

The company also provided an amount of Rs 85 lakh towards deferred taxation during the period under review as against no such provision in the corresponding period the previous year.

According to the IVRCL Managing Director, Mr E. Sudhir Reddy, the reserves of Rs 88.22 crore as on March 31, 2002 include deferred tax amount of Rs 11.49 crore.

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