IL&FS Transportation Q1 net profit nosedives 98% to Rs 3 cr

IL&FS Transportation Networks Ltd today said that its consolidated net profit plunged 97.90 per cent to Rs 2.90 crore for the quarter ended June 30, on account of higher expenses and finance cost.
The company's net profit in the year-ago period was Rs 137.75 crore, IL&FS Transportation Networks said in a regulatory filing.
The total income from operations, however, increased to Rs 1,644.41 crore compared with Rs 1,564.16 in the corresponding quarter of the previous fiscal.
The total expenses during the quarter was at Rs 1,172.04 crore, registering an increase of 11.8 per cent.
The finance cost of the company during the quarter increased to Rs 559.51 crore as against Rs 452.49 crore in the year-ago period.

In a separate regulatory filing the company said that Dilip Bhatia will be appointed as the Chief Financial Officer of the company with effective January 1, 2016.
The shares of the company closed at Rs 141.30 a piece on BSE, down 3.32 per cent from its previous close.