HYDERABAD: Established in 1987, IVRCL is one of the largest infrastructure companies in India with a turnover of over $1 billion (Rs 5,651.45 crore) and an order book for upwards of Rs 25,000 crore.
Owing to delays in project execution, the company reported an 83 per cent fall in its third-quarter net profit at Rs 6.78 crore as against Rs 42.29 crore reported in the same period of the previous fiscal.
Net revenues, too, dropped 15 per cent to Rs1,202.53 crore as against Rs1,417.49 crore a year ago.
Currently, the company is in the process of restructuring its existing businesses to focus on road and water projects on buildoperate- transfer model.
Recently, it initiated the amalgamation of IVRCL Assets & Holdings with the parent company besides de-merging its real estate venture into a subsidiary company.
It also announced its intent to divest stake in some special purpose vehicles for which the company is in discussion with potential suitors