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IL&FS Engineering Services Ltd has posted a loss of Rs 37.89 crore for the second quarter ended September 30, 2014, as against a loss of Rs 53.25 crore for the corresponding quarter last year.
Income in the September quarter was, however, higher at Rs 556.86 crore as against Rs 453.31 crore for the same period last year.
The Hyderabad-based infrastructure company had an extended financial year of 18 months for the period ended March 31, 2014, wherein it closed with a loss of Rs 150.98 crore and income of Rs 3,267.17 crore.
Defaults in payments
In the accompanying notes to the results, the company said it had defaulted in redemption of 50,00,000 six per cent optionally convertible cumulative redeemable preference shares and 3,00,000 six per cent cumulative redeemable preference shares, which were due for redemption on September 30, 2014.
The company said it was exploring all avenues to meet its obligations, including, but not limited to, extension of redemption period of the preference shares.
S.R. Batliboi & Associates LLP, the company auditors, have come out with certain qualifications, including the company’s outstanding Inter-Corporate Deposits of Rs 343.78 crore.
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