Aug 07, 2012, 06.41 PM IST

Punj Lloyd Q1 loss rises to Rs 15 cr

Punj Lloyd, the diversified engineering, procurement and construction conglomerate, has posted a consolidated net loss of Rs 15 crore in the quarter ended June 2012 as against loss of Rs 13 crore in a year ago period.

Source: Moneycontrol.com

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Punj Lloyd , the diversified engineering, procurement and construction conglomerate, has posted a consolidated net loss of Rs 15 crore in the quarter ended June 2012 as against loss of Rs 13 crore in a year ago period.

Consolidated net sales rose 22.7% to Rs 2,776 crore from Rs 2,263 crore during the same period.

Earnings before interest, tax, depreciation and amortisation (EBIDTA) increased 44.7% YoY to Rs 288 crore and profit before tax grew by 67% YoY to Rs 15 crore during the same quarter.

Atul Punj, Chairman, Punj Lloyd Group said, “While the macro environment continues to present challenges, we see a gradual improvement. Large capex spends are being embarked upon by oil & gas majors and we expect volume of work to increase in the Middle East. The pace of execution too has been encouraging."

According to him, high interest costs continue to be a concern for the industry. "We are seized of our high cost of borrowings and are intensely exploring opportunities to align our debt and revenue profile. This will both reduce our interest costs and minimise exchange rate risk," he said.

The share rose 1.13% to close at Rs 53.60 on the BSE.