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IL&FS Engineering and Construction Company Ltd has posted a loss of Rs 80.67 crore for the second quarter ended September 30, 2016 against a loss of Rs 81.87 crore for the corresponding quarter last year.
Total income of the construction company from operations stood at Rs 356.87 crore during the second quarter against Rs 352.07 crore in the corresponding quarter last year.
For the financial year ended March 31, 2016, the company had closed with a loss of Rs 188.52 crore and income of Rs 1844.87 crore.
The board of directors of the company had in August 2016 resolved to raise up to Rs 500 crore by issue of preference shares/or equity shares/convertible debentures which could also be through a Qualified Institutional Placement or other modes.
The company in the accompanying notes to the results informed that it had defaulted on redemption of optionally convertible cumulative redeemable preference shares which were due on September 2016. It has requested the preference shareholders to sanction a curing period of six months for redemption of the preference shares.
The company auditors SR Batliboi & Associates LLP carry forward some of the audit qualifications relating to inter-corporate deposits worth Rs 343.73 crore made by the company in the past. IL&FS maintains it would be able to recover these funds.
The company shares were trading at Rs 49.60 at BSE during the day, down 6.42 per cent.
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