IVRCL Infra net up 15% at Rs 43.50 cr

IVRCL Infrastructures and Projects, the flagship company of Hyderabad-based IVRCL Group, reported a 14.86 per cent increase in net profit for the first quarter ended June 30, 2008, to touch Rs 43.50 crore from Rs 37.87 crore in the corresponding quarter last year. Its turnover reached Rs 948.34 crore during the quarter, as against Rs 687.87 crore, up 37.86 per cent.

IVR Prime:  The group's real estate firm,  IVR Prime Urban Developers Limited, also a listed company, recorded a 262.66 per cent increase in net profit at Rs 5.44 crore, as against Rs 1.5 crore, while the turnover was at Rs 32.25 crore from Rs 20.84 crore during the same period last year, an increase of 54.75 per cent.

“The group has been growing at a CAGR of between 40 per cent and 45 per cent since the last nine years and the performance during the quarter was in line with that,” Balaram Reddy, chief financial officer of the group, said.