IVRCL Infrastructures & Projects Limited's net profit dipped 27.36 per cent to Rs 46.52 crore for the third quarter ended December 31, 2008, as compared with Rs 64.05 crore in the corresponding quarter last year. Net income, however, grew 22 per cent to Rs 1,189.57 crore, as against Rs 974.85 crore during the same period last year.
“The key reason for the decline in net profit was the higher interest costs, which was Rs 42 crore during the just-ended quarter, as against Rs 17 crore in the corresponding quarter last year,” SV Ramkumar, chief financial officer of IVRCL, said.
The scrip of the company closed at Rs 109.60 on the Bombay Stock Exchange on Friday, up 3.79 per cent.
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