Ramky Infra incurs Rs 34.12 crore loss

Ramky Infrastructure Limited, a Hyderabad-based company, reported a net loss of Rs 34.12 crore for the first quarter ended June 30, 2013, as compared with a net profit of Rs 50.98 crore in the corresponding period last year.

It attributed the net loss to the incremental provisions of Rs 54.93 crore made as a matter of abundant caution on its currently perceived risks, including retention money and amounts withheld by customers, advances to suppliers and sub-contractors, project inventory and project work-in-progress.