IL&FS Engg nets Rs 3 crore profit in Q1

Net income from operations rises 38% to Rs 484.5 crore

Hyderabad-based infrastructure developer, IL&FS Engineering and Construction Company Limited (IL&FS Engineering Services), has reported a net profit of Rs 3 crore in the first quarter ended June 2013, as compared with a net loss of Rs 34.23 crore in the corresponding quarter last year.

The company's net income from operations stood at Rs 484.5 crore in the quarter under review, as against Rs 350.6 crore during the same period a year ago, reflecting a growth of 38.2%.

As at June 30, 2013, the company had certain outstanding inter-corporate deposits (ICDs) of Rs 344 crore. The management has represented that the company has taken steps to recover the amount and is of the opinion that all the ICDs are fully recoverable, IL&FS Engineering said in a fling to the BSE on Monday.

IL&FS Engineering’s scrip is currently trading at Rs 21.85 on the BSE, up 9.80%, over the previous close of Rs 19.90 a share.