IVRCL Infrastructures and Projects Limited witnessed a 17.31 per cent decline in its net profit to Rs 35.1 crore for the quarter ended June 2009, as compared with Rs 42.45 crore in the corresponding quarter last year. Turnover for the quarter stood at Rs 1,104.54 crore, as against Rs 948.34 crore, reflecting a growth of 16.47 per cent. The current order book position of the company stands at around Rs 14,900 crore. “The numbers declined because of our ‘wait-and-watch’ strategy on how the markets will shape up after the elections. Also, there were some delays in payments for a couple of projects during the election period. We lost Rs 200-250 crore in turnover. That was part of our risk management strategy. However, earnings before interest, taxes, depreciation and amortisation (Ebitda) improved to 9.4 per cent during the quarter from 8.8 per cent in the corresponding previous quarter,” said E Sudhir Reddy, chairman and managing director of IVRCL Infra.
IVR Prime in the red
IVR Prime Urban Developers Limited, the real estate listed subsidiary of IVRCL Infrastructures and Projects Limited, reported a net loss of Rs 3.58 crore for the quarter ended June 2009, as against a profit of Rs 5.44 crore in the corresponding previous quarter. Turnover declined 99.12 per cent to Rs 25.18 lakh, as against Rs 28.71 crore a year ago on account of the present slump-ridden real estate conditions. BS Reporter
Rain Commodities net up 34.5%
Rain Commodities, engaged in production of cement, calcined petroleum coke and power, recorded a 34.53 per cent increase in net profit to Rs 126.18 crore for the quarter ended June 30, 2009, as compared with Rs 93.78 crore during the corresponding period last year. Revenues, however, fell to Rs 1,029.04 crore from 1,081.01 crore last year, down by 4.8 per cent. Expenditure declined 5.78 per cent to Rs 782.59 crore from Rs 830.67 crore. The group has sold its entire 11.5 per cent holding in Petroleum Coke Industries Company, Kuwait, earlier for Rs 76.58 crore and the sale of this investment would be recognised in the next quarter, said company's managing director N Jagan Mohan Reddy.
Goldstone Infratech net up 246%
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Goldstone Infratech, maker of polymer insulators, reported a 246.41 per cent increase in its net profit to Rs 2 crore for the quarter ended June 30, 2009 as compared with Rs 57.85 lakh. Net income for the quarter increased to Rs 15 crore from Rs 8.03 crore last year, up 86.79 per cent on the back of increase in polymer insulator business, a release said.
Heritage Foods in the black
Heritage Foods India Limited reported a net profit of Rs 1.3 crore for the quarter ended June 30, 2009 as compared with a net loss of Rs 8.36 crore in the corresponding period last year. Its revenues during the quarter increased to Rs 218.06 crore from Rs 188.62 crore last year, up 15.6 per cent. According to Heritage vice-chairman and managing director N Bhuvaneshwari, the retail segment incurred losses of Rs 7.9 crore during the quarter as compared with Rs 11.98 crore last year. During the quarter, the company invested in a special purpose vehicle for a hydro electric power generation unit in Arunachal Pradesh. It also started manufacturing bakery products.
Suven Life Q1 net up 37%
Suven Life Sciences Limited, a Hyderabad-based biopharmaceutical company specialising in central nervous system (CNS) diseases, reported a net profit of Rs 2.18 crore for the quarter ended June 2009, as compared with Rs 1.59 crore during the same period a year ago, registering a growth of 37.1 per cent. Revenues, however, saw a marginal decline of 1.91 per cent to Rs 31.28 crore, as against Rs 31.89 crore in the corresponding quarter last year. During the quarter, the company spent Rs 7.39 crore on research and development in drug discovery, constituting 23.62 per cent of its revenues, Suven Life said in a press release on Tuesday.