IL&FS Engineering Services Ltd has posted a loss of Rs 53.25 crore for the quarter ended September 30, 2013, against a loss of Rs 15.79 crore for the corresponding quarter last year.

The construction and infrastructure company, however, registered significant jump in its income from operations for the quarter at Rs 453.31 crore against Rs 266.04 crore for the same period of the previous year.

For the 12 months period ended September 30, 2013, the company closed with a loss of Rs 127.09 crore and income of Rs 1,971.02 crore against a loss of Rs 83.28 crore and income of Rs 1,549.11 crore for the 12 months period ended September 30, 2012.

The company had an extended 18 months period ended September 30, 2012, wherein it had registered a loss of Rs 135.31 crore and income of Rs 2,042.56 crore. The accounting year was extended by six months last year in order to give effect to the scheme of arrangement for restructuring of the company capital.

EXTENDS FISCAL YEAR BY SIX MONTHS

The board of directors of the company has approved the extension of financial year of the company ended September 30, 2013, by six months, that is up to March 31, 2014, to align the financial year of the company as per the Companies Act. Accordingly, the company will prepare its accounts for 18 months for this extended financial year.

The company (earlier Maytas Infra) continues to carry notes to its results on the inter-corporate debt it has extended to Satyam Computer Services Limited. The company had extended ICDs aggregating Rs 343.78 crore to various companies including Rs 323.78 crore to Satyam Computer. It expects to recover these. However, this continues to attract audit qualifications.

>rishikumar.vundi@thehindu.co.in

Related Topics