IL&FS Engineering Services bags road contract in Karnataka
DSIJ Intelligence / 31 Dec 2016
IL&FS Engineering and Construction Company (IL&FS) has won Rs 242.56 crore road contract in Karnataka. The company has received a Letter of Acceptance (LoA) for a road contract from Ministry of Road Transport & Highways (MoRTH) through CE (NH) PWD, Government of Karnataka.
IL&FS Engineering and Construction Company (IL&FS) has won Rs 242.56 crore road contract in Karnataka. The company has received a Letter of Acceptance (LoA) for a road contract from Ministry of Road Transport & Highways (MoRTH) through CE (NH) PWD, Government of Karnataka. The project involves widening of two/four laned roads with paved shoulders from 54.37 km to 101.4 km (Bidar to Humnabad) section of NH-50. It will execute the project through an EPC mode in the state of Karnataka with a completion period of 24 months.
IL&FS is currently executing a metro rail contract in Karnataka for Bangalore Metro Rail Corporation for a value of Rs 326.99 crore.
On the financial front, IL&FS’ revenue has increased by 1.36 per cent to Rs 357 crore in Q2FY17 as compared to same period in previous fiscal. The company’s EBITDA loss has narrowed down from Rs 15.1 crore in Q2FY16 to EBITDA loss of Rs 9.31 crore in Q2FY17. It has posted net loss of Rs 80.67 crore in Q2FY17 against net loss of Rs 81.87 crore in Q2FY16.
The share price of IL&FS has increased by 2.41 per cent on bourses on Friday; and closed at Rs 42.55 on an intraday basis.
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