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IL&FS Engineering and Construction Company Ltd has posted a loss of Rs 36.73 crore for the fourth quarter ended March 31, on income of Rs 521.93 crore.
The company had registered a profit of Rs 87.03 crore for the corresponding quarter last year on income of Rs 478.26 crore. These figures are not comparable to the recent quarter as they are based on new accounting norms adopted by the company last year.
The company closed the financial year ended March 31, 2012, with a loss of Rs 85.28 crore and income of Rs 1450.71 crore and a modest net profit of Rs 2.91 crore on income of Rs 1044.97 crore for the year-ago period.
The company has informed that the scheme of arrangement for capital restructure is awaiting approval of the Andhra Pradesh High Court. To bring this into reckoning, the company has extended the financial year 2011-2012 by three months, subject to various approvals. The company (which was earlier named Maytas Infra Ltd) yet again reiterated that it was confident of recovering Rs 344 crore crore it has lent as inter-corporate deposits to Satyam Computer Services Ltd (now Mahindra Satyam).
The company has opened a branch in Fujirah, UAE, to take up business in the region there.
S.R. Batliboi & Associates, in their limited review report have qualified some of the numbers, including the company claim of recoveries from Satyam.
The company's shares closed the day at Rs 57.05 up 0.44 per cent.
vrishi@thehindu.co.in
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