SINGAPORE: Infrastructure company IL&FS Transportation Networks disappointed analysts with quarterly earnings. Profit in July-September quarter fell 46 percent year-on-year to Rs 57.1 crore, impacted by revenue as well as operational performance despite higher other income.
Revenue during the quarter declined 26.5 percent to Rs 978.2 crore compared with year-ago period. Other income increased substantially to Rs 150.6 crore from Rs 12.81 crore on yearly basis. It included Rs 140.93 crore on account of profit on sale of 2.6 lakh shares of Elsamex SA, Spain, a subsidiary company to its wholly owned subsidiary in Singapore against issue of fresh equity shares, the company said.
EBITDA (earnings before interest, tax, depreciation and amortisation) dropped 33.8 percent year-on-year to Rs 297.4 crore and margin contracted by 335 basis points to 30.4 percent in Q2. Finance cost during the quarter increased sharply by 31.4 percent to Rs 367 crore from year-ago period. At 15:27 hours IST, the stock was quoting at Rs 96.20, down Rs 5.10, or 5.03 percent on the BSE.
