IVRCL Ltd which is a engineering, procurement and construction (EPC) and lump sum turnkey (LSTK) service provider announced that it has posted a loss of Rs. 187.18 crore for the first quarter ended June 30, 2015 as against a loss of Rs. 157.91 crore for the first quarter ended June 30, 2014 as a result of lower pace of implementation of projects and high interest rate regime.
The net sales of the company which operates in core infrastructure sectors namely water and environment, transportation, buildings and power fell by 25.58 per cent to Rs. 620.28 crore during the period under review as against Rs. 833.50 crore it posted for the corresponding quarter last fiscal.
Commenting on this, R Balarami Reddy, Joint Managing Director, "While the company had gone in for restructure of the corporate debt, certain creditors have filed winding up petitions against IVRCL. The matter is presently sub-judice and the company is taking appropriate steps to settle the matter."