IL&FS Engineering and Construction Company Limited, earlier known as Maytas Infra Limited, said it reported a net profit of Rs 12 crore for the quarter ended December 31, 2010, as compared with a net loss of Rs 55.34 crore during the corresponding quarter last fiscal. Net revenues during the quarter stood at Rs 214.92 crore, as compared with Rs 198.79 crore last year, up 8.11 per cent.
For the three quarters combined, it registered a net income of Rs 566.71 crore, down from Rs 581.69 crore achieved last year. The losses reduced from Rs 600.48 crore to Rs 84.12 crore in the current fiscal.
The company said prior to April 1, 2009, promoters of Maytas Infra had given intercorporate deposits (ICDs) to the tune of Rs 391.64 crore to various companies, including Rs 47.86 crore to Maytas Properties. Documentary evidence has been established that Satyam Computer Services Limited, (now Mahindra Satyam) was the ultimate beneficiary of Rs 323.78 crore. IL&FS has lodged a claim on this together with interest. It said it was confident of recovering this.
During the quarter, the company accrued Rs 21.28 crore interest on the ICDs. The company executed a one-time settlement agreement with one bank. The net gain out of this settlement is Rs 31 crore. It is pursuing similar settlement with one more bank, according to a release.
