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Ramky Infrastructure Limited has pared its loss to Rs 15 crore for the first quarter ended June 30, 2016, as against a loss of Rs 63.26 crore for the corresponding quarter last year on a standalone basis.
The company registered higher income of Rs 311.39 crore for the first quarter as against Rs 265.60 crore for the same period last year.
The Hyderabad-based infrastructure company in a filing to BSE, informed that the results for the quarter were as per new accounting norms. There is possibility that these quarterly results may require adjustment before constituting the final Ind AS Financial Statements as of the end of the year (March 31, 2017) due to changes in financial reporting requirements.
In the limited review report, the company Auditors Chaturvedi & Partners have mentioned about recognition of deferred tax assets on unused tax losses and other temporary differences amounting to Rs 414.98 crore as of June 30, 2016. Based on unexecuted orders on hand, the management expresses it was confident that sufficient future taxable income will be available against which such deferred tax assets will be realised.
The auditors have also flagged off a couple of other items in the financial statement filed with BSE.
The company's shares ended at Rs 78.30, up 2.96 per cent on the BSE today.
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