IL&FS Engg posts Rs. 37-cr loss in Q1

Hyderabad, August 13, 2014 – IL&FS Engineering & Construction Company Ltd has posted a loss of Rs.36.81 crore for the first quarter ended June 30, 2014, as against a profit of Rs. 3.09 crore for the corresponding quarter last year.

The Hyderabad-based infrastructure and construction company (formerly Maytas Infra Ltd) logged total income of Rs. 539.85 crore for the June quarter versus Rs. 484.52 crore for the corresponding quarter last year.

The company had extended its previous financial year (October 1, 2012 to September 30, 2013) by a period of six months, up to March 31, 2014. This was to align the financial year of the company in line with the provisions of the Companies Act, 2013. This was approved by the Registrar of Companies. The accounts have been accordingly prepared with the financial year extending to 18 months and ended March 31, 2014.

The board of directors during October 2013 had approved issue of further equity shares to the existing shareholders on rights basis amounting to Rs. 300 crore. The draft letter of offer was filed with the SEBI, Chennai, during March 2014 and its nod is awaited. Meanwhile, the company has received in-principle approvals from BSE and NSE for the proposed rights issue.

Alpa Sheth and Kanika Bhal were appointed independent directors on the board of directors of the company with effect from August 8.

The company shares were trading at Rs. 57, down 6 per cent at the BSE today. Business Line