IVRCL Infrastructures & Projects Ltd announced that its net profit for the three month period ended Dec 2009 slumped 1.50% to Rs 45.8 crore as against Rs 46.52 crore in the third quarter ended December 31, 2008.

In a statement, the company said that it recorded the decline owing to an amendment to the Income Tax Act that led to higher tax outgo at Rs 22.94 crore as compared to Rs 9.07 crore in 2008.

The company also saw a decline in its quarterly total income, which stood at Rs 1,187.9 crore, from Rs 1,190.9 crore during the corresponding period previous fiscal.

Net sales of IVRCL Infra during the third quarter dropped 0.67% to Rs 11815.50 million over the prior year period.

For the nine month period ended Dec 2009, the company posted a turnover of Rs 3613 crore as against Rs 3312 crore in the same period of 2008.

Presently, the company's order book position stands at Rs 22,000 crore comprising tenders in which the company came forth the lowest bidder amounting to around Rs 4500 crore.

IVRCL, on Jan 14, pocketed road project worth Rs 15.5 billion, for design, engineering, building, development finance, process and preservation of Indore - Jhabua- Gujarat / MP Border from National Highways Authority of India (NHAI).

On Jan 05, the company received orders worth Rs 9.58 billion, in transportation, water and irrigation, constructions and power segments.

The company's board of directors announced a bonus issue of equity shares in the proportion of 1:1 capitalizing Rs 26.70 crore out of its free reserves.

At 10:28 am, the shares of the company lost 8.2% to trade at Rs 298.90 on the Bombay Stock Exchange (BSE). The share price has seen a 52-week high of Rs 424.80 and a low of Rs 96.05 on BSE.

Current EPS & P/E ratio stood at 15.71 and 19.10 respectively.