Punj Lloyd Q3 loss narrows to 232 cr on operational performance

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Moneycontrol Bureau

Engineering company Punj Lloyd has narrowed its net loss to Rs 231.8 crore in October-December quarter from Rs 309.3 crore in year-ago quarter, aided by operational performance.

Revenue during the quarter declined 1.1 percent to Rs 996.8 crore compared with Rs 1,007.8 crore in same quarter last year.

Engineering business grew by 6.3 percent year-on-year to Rs 922.5 crore but traded goods segment registered a degrowth of 47.3 percent at Rs 69 crore in the quarter gone by.

"We saw a decent progress on ongoing projects and an improved utilisation of resources during the quarter. With the government initiatives towards infrastructure sector, I am optimistic of opportunities and overall improvement at macro level," Atul Punj, CMD said.

Operating profit stood at Rs 8.07 crore in the quarter ended December 2016 compared with loss of Rs 12.04 crore in corresponding period of previous year, supported by lower operational cost barring other expenses.

Finance cost declined to Rs 224.45 crore from Rs 258.99 crore on year-on-year basis but sequentially increased from Rs 219.91 crore.

Punj Lloyd said group's order backlog stood at Rs 19,617 crore at the end of December 2016, including orders in Libya of Rs 6,845 crore which are not seeing traction.