FTIL posts net loss of Rs 371.1 crore in Q4

Fiem had made a a net profit of Rs 87 crore in the same period a year ago

Jignesh Shah-led Financial Technologies India Limited reported a net loss of Rs 371.25 crore in in the fourth quarter of FY14, compared to a net profit of Rs 87 crore in the same period last year. During the year the company made a loss of Rs 229 crore compared to net profit of Rs 329 crore.

FTIL has made provisions for fresh equity investment, loans and other outstanding from NSEL for a sum of Rs 259 crore and diminution in value of other investments to the tune of RS 227 crore resulting in overall provision and diminution expense of Rs 486 crore, the company said in a press release.  

Total income from operations for the quarter stood at Rs 56.1 crore compared to Rs 144.94 crore in the same quarter last year, a fall of 61.2 per cent.

The company has also de-recognised revenue and interest due from NSEL to the tune of Rs 25.5 crore.

Legal and professional charges of the company has seen a huge rise in the last quarter of the previous fiscal to Rs 16.85 crore compared to 3.1 crore in the same quarter last year.

The total expense of the company for the fourth quarter of FY 14 stood at Rs 431.42 crore compared to Rs 54.6 crore, a staggering rise of 689%.