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IVRCL Limited posted a huge loss of Rs 305.46 crore for the second quarter ended September 30, 2015 as against Rs 187.55 crore for the corresponding quarter last year.
The Hyderabad-based infrastructure company registered a total income of Rs 641 crore for the second quarter ended September 2015 as against Rs 611.49 crore for the corresponding quarter last year.
Last financial year ended March 31, 2015 the company had posted a huge loss of Rs 672.23 crore and total income of Rs 3,117.41 crore.
The company has invested Rs 65.75 crore and loans and advances of Rs 26.32 crore in its subsidiary Hindustan Dorr Oliver Limited. The net worth of the subsidiary has been eroded. This being a long term investment, no provision has been made for diminution of the value of investment.
IVRCL had entered into agreement for divestment of subsidiary companies Salem Tollways Limited, Kumarapalayam Tollways Limited and IVRCL Chengapalli Tollways Limited. The sale price is lower than the outstanding advances.
During the second quarter, while certain creditors of the company have filed winding up petitions and the matter is sub-judice, IVRCL had allotted shares to some of the Corporate Debt Restructure (CDR) clients as per the agreement.
IVRCL shares closed the day at Rs 8.71, down 1.25 per cent at BSE.
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