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IVRCL turnover crosses $1 b mark

HYDERABAD: The Hyderabad-based IVRCL Infrastructures and Projects has achieved a 35 per cent growth and became a $1 billion company with a turnover of Rs. 4,983 crore in 2008-09 against Rs. 3,698 crore in the previous year.

The profit after tax has improved by eight per cent to Rs. 226 crore from Rs. 210 crore. Considering the overall performance of the company, the board has recommended a dividend of Rs. 1.40 per share of Rs. 2 each, Chairman and Managing Director E. Sudhir Reddy said. Announcing the results at a press conference here on Friday, Mr. Reddy said the company expected to maintain a similar growth rate in 2009-10 by expanding business. It had already initiated important joint ventures in the last three months and executed four BOT (build, operate and transfer) projects in roads and water desalination sectors which would later this year fetch a revenue of Rs. 86 lakh a day. The company had orders worth Rs. 14,500 crore.

Mr. Reddy said the performance of IVR Prime Urban Developers Ltd., a subsidiary of IVRCL, was low in tune with realty market conditions. Its revenue in 2008-09 was only Rs. 75 crore as against Rs. 506 crore in the previous year. The net profit was just Rs. 8 crore against Rs. 176 crore in 2007-08.

Another subsidiary, Hindustan Dorr Oliver Ltd, which is involved in engineering, however, achieved a 68 per cent growth with a turnover of Rs. 522 crore against Rs. 310 crore in the previous year.

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