Trouble hit Maytas InfrastructureLimited, the firmrun by B Teja Raju, son of disgraced Satyam Computer Chief B Ramalinga Raju, suffered a net loss of Rs 489.79 crore during the financial year 2008-09 ended March 31 as compared to net profit of Rs 99.64 crore for the last year.
The cash-strapped firm, undergoing probe for its alleged involvement in Satyam fraud, reported 19 per cent decline in turnover at Rs 1,335 crore during FY 2008-09 as compared to Rs 1,637 Crore last year. The infrastructure firm, still struggling to stay afloat, recorded an increase in personnel costs by Rs 55 crore while its interest costs and depreciation cost increased by Rs 141 crores and Rs 35 crore respectively, during the reporting period.
Ved Jain, a government nominated member on the Maytas Board said, "The unprecedented events that occurred in the company seriously impacted its business operations, to a larger extent, during FY 09."
Maytas Infra, currently having an order book of Rs 7,332 crore, may go for strategic partnership to come out of the financial trouble.
