IVRCL Infra bags Rs 311cr orders

Hyderabad-based IVRCL Infrastructures and Projects Ltd, the Rs 775-crore infrastructure and engineering major, has bagged new orders valued at Rs 311 crore from the last week of January 2005 to date.

The new orders include works relating to construction of buildings which account for Rs 160.47 crore, the water transmission works from the Government of Gujarat (Narmada water resources, water supply and Kalpsar department) accounting for Rs 100.65 crore and the Rs 50-crore worth of road works.

Speaking to Business Standard, E Sudhir Reddy, vice-chairman and managing director of IVRCL Infrastructures and Projects Limited, said, "The completion of these projects range from nine months to two years and the work would begin from next month. With the new orders the company's current order book position is at Rs 2,500 crore."

IVRCL proposes to come out with its Rs 145-crore second initial public offer (IPO) by the end of the current financial year.

"We have filed for the necessary clearances with the Securities and Exchange Board of India (Sebi) and hope to get the nod next month after which we would go for the IPO," he said.

The fresh public issue is for Rs 118.5 crore with a greenshoe option of Rs 18.9 crore. The company has reserved Rs 7.5 crore for its employees. The total size of the issue works out to Rs 144.9 crore and will be through the book-building route.

The company plans to invest close to Rs 40 crore in BOT/BOOT projects and spend an additional Rs 30 crore in the purchase of capital equipment. IVRCL has said that it would spend close to Rs 55 crore in loan repayments and issue expenses. The project related investments and purchase of equipment would be over the next two financial years.

The company's profit after tax (PAT) for the third quarter ended December 31, 2004, increased 74.08 per cent to Rs 14.31 crore as compared to Rs 8.22 crore in the corresponding previous quarter.

Turnover for the quarter grew 32.75 per cent to Rs 284.31 crore (Rs 214.17 crore). For the first nine months of the fiscal, the PAT increased 51.93 per cent to Rs 31.89 crore and the turnover grew 26.29 per cent to Rs 707.4 crore.

Funding for future growth

• Company plans to go in for its Rs 145-crore second initial public offer by this fiscal end
• Fresh public issue is for Rs 118.5 crore with a greenshoe option of Rs 18.9 crore
• Total size of the issue works out to Rs 144.9 crore & will be through book-building route