IL&FS Engineering and Construction Company, formerly known as Maytas Infra, today reported a net loss of Rs 14.11 crore for the quarter ended June 30.
The company had reported a net loss of Rs 50.42 crore during the corresponding quarter of last fiscal.
Net sales of the company during the quarter under review rose by 39.80% at Rs 242.11 crore vis-a-vis Rs 173.18 crore of Q1 of FY11, it said in a filing to the Bombay Stock Exchange (BSE).
According to the Company Law Board's order last year, a new management has been put in place for the scam-tainted company -- originally promoted by Satyam founder Ramalinga Raju and family -- following a detection of fraud in the IT firm.
Accordingly, IL&FS Group has now become the new promoter of the company with a stake of 34.56%, while SBG Project Investments hold a 32.39% non-promoter stake, the company's filing said.
It also added that the new management is confident of recovering Rs 343.78 crore given by the erstwhile promoters to various companies as Inter Corporate Deposits (ICDs), along with the interests.
