IVRCL Q4 net up 9 per cent

Hyderabad-based infrastructure major, IVRCL Infrastructures & Projects Limited, reported a net profit of Rs 79.88 crore (on a standalone basis) for the quarter ended March 31, 2009, as compared with Rs 73.3 crore in the corresponding quarter a year ago, implying a growth of 8.9 per cent. Gross income grew 26 per cent to touch Rs 1,671crore during the quarter, as against Rs 1,326 crore during the same period last year.

For the full year on a consolidated basis, the company witnessed a 12.73 per cent decline in its net profit to Rs 247.34 crore, as against Rs 283.43 crore the previous year, while income from operations increased 30.59 per cent to Rs 5,083 crore, as compared with Rs 3,892.12 crore.

“The decline in profitability was primarily on the low-key performance of our urban infrastructure subsidiary IVR Prime Urban Developers Limited,” IVRCL Infra chairman and managing director E Sudhir Reddy told mediapersons here on Friday.

“We currently own four BOT contracts – three road projects and one sea water desalination plant at Minjure near Chennai – about 90 per cent work of which had been completed. Together, these projects will fetch at least Rs 86 lakh per day starting October this year,” he said.

IVRCL Infra, which currently has Rs 1,400 crore worth of orders on hand, has seen a contraction in its EBIDTA (earnings before interest, taxes, depreciation and amortisation) margins to 9.1 per cent (Rs 366 crore) in FY09, as compared with Rs 9.9 per cent (Rs 452 crore) in the previous year.

“We are bound by our contracts and are sure to achieve about 35 per cent growth and do at least 9.5 per cent in EBIDTA margins during the current financial year,” Reddy said.