IL&FS Engineering net loss at Rs 31 cr

Mounting expenses and finance costs have driven Hyderabad-based IL&FS Engineering and Construction Company (previously Maytas Infra Limited) deep into the red as it reported a net loss of Rs 31.01 crore in the quarter ended December, 2012.

The company had made a moderate net profit of Rs 3.17 crore in the corresponding quarter previous year while the net loss for the quarter ended September, 2012, stood at Rs 25.79 crore.

Total income for the quarter grew 6.44 per cent to Rs 461.29 crore as compared with Rs 433.37 crore in the corresponding previous quarter. Expenditure was up 11.15 per cent mainly on account of steep increase in subcontracting costs while finance costs went up 39 per cent to Rs 48.18 crore as compared with Rs 34.66 crore in the year ago period.

The three-month period ending December, 2012 is deemed to be the first quarter as IL&FS had extended the last financial year by 6 months up to September, 2012, to effect capital restructuring.