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IL& FS Engineering and Construction Company Ltd. (ILFSENGG-formerly Maytas Infra Ltd) has posted a profit of Rs 12 crore for the third quarter ended December 31, 2010, against a loss of Rs 55.34 crore for the corresponding period last year.
Net sales income was also up at Rs 214.92 crore against Rs 198.79 crore. Total income rose to Rs 246.05 crore (Rs 222.15 crore).
The board, which met on Monday, said that during the third quarter the company managed a one-time settlement with one of the lenders, which has resulted in a gain of Rs 31.36 crore, which has been reflected in the results.
The Managing Director of IL&FS Engineering, Mr Vimal Kaushik, in a statement mentioned in January the company has invested Rs 10 lakh in equity shares of Maytas Properties Ltd (MPL) constituting 40 per cent of the post issue paid-up capital of the company. This is pursuant to the order passed by the Company Law Board on January 13 allowing IL&FS Group consisting of IL&FS, and others to be promoters of MPL.
With this, both Maytas Infra Ltd and Maytas Properties Ltd are now under the IL&FS group fold.
In continuation of earlier observations, the auditors have qualified the accounts with regard to certain receivables, particularly Rs 323 crore from Satyam Computer Services Ltd (now Mahindra Satyam), which was lent as inter-corporate deposit.
The company shares ended the day's trade at Rs 166.20 against the previous close of Rs 164.15.
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