IVRCL has declined more than 7% to Rs 44.60 after reporting 85% year-on-year (y-o-y) drop in net profit at Rs 4.21 crore on the back of single digit growth in operational income and higher interest burden during the first quarter ended June 2011. The infrastructure company had reported a net profit of Rs 28.07 crore in the corresponding quarter of previous fiscal.
Total operational income grew a negligible 2% at Rs 1,124 crore on y-o-y basis, while the interest cost surged 39% to Rs 62.82 crore during the recently concluded quarter.
The stock hit a low of Rs 43.75, its lowest level since November 2008, after opening at Rs 48.20 on the Bombay Stock Exchange (BSE). Around 600,000 shares have changed hands in early noon deals.
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