Hyderabad: IL&FS Engineering and Construction Company Ltd, reported a net loss of Rs.36.73 crore for the quarter ended on 31 March on account of higher operating expenses and interest costs. The Hyderabad-based company posted revenue of Rs 521.93 crore, which is up by 8.7%.
Formerly known as Maytas Infra, the company was owned by family members of Satyam Computer Services Ltd founder B. Ramalinga Raju, who confessed in January 2009 to having cooked the books of the software services provider to the tune of Rs 7,136 crore. After the scandal, Maytas Infra ran into a cash crunch that caused it to lose several projects, including one to build the Hyderabad Metro rail.
Infrastructure Leasing and Financial Services Ltd (IL&FS) acquired the company in September 2009 and renamed it this January.
SBG Projects Investments Ltd of the Saudi BinLadin Group bought a 20% stake in the company, followed by an open offer in March 2011, through which it raised its holding to 32.9%.
The company’s stock gained 0.44% to Rs.57.05 at the close of trading on the Bombay Stock Exchange on Tuesday, while the benchmark Sensex was up 112.41 points, or 0.69%, at 16,328.25.
