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IL&FS Engineering Services Ltd (formerly Maytas Infra Ltd) has managed to bring down its losses down to Rs 14.61 crore for the first quarter ended June 30, 2011, against loss of Rs 44.63 crore for the corresponding quarter last year.
The company's revenue for the first quarter was up 40 per cent at Rs 242.10 crore from Rs. 173.18 crore during the corresponding quarter last year.
The company, in a statement, said that focus on project execution has resulted in better performance helping the company to cut down on losses. A lot of initiatives are being put in place to increase the revenue run rate going forward for the order book in hand.
The company business development is gaining traction with new domestic and international orders aggregating more than Rs 3,400 crore. The company has also bid for Rs 4,600 crore worth contracts in the last six months.
In a statement, the company said that it is in active discussions to explore partnership opportunities with global companies. The company has also strengthened its core management team.
The company shares closed the day's trade up 2.38 per cent at Rs 103.20.
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