Infrastructure major Punj Lloyd today saw its net loss widening to Rs 300 crore for the quarter ended December 31, 2015 on factors including decreased income and delay in award of projects.
The company had posted a net loss of Rs 148 crore for the October-December quarter of 2014-15, it said in a BSE filing.
The firm's total income from operations declined to Rs 1,008 crore during the quarter under review as against Rs 1,278 crore in the corresponding quarter of last fiscal.
The total expenses stood at Rs 1,054 crore during the quarter over Rs 1,265 crore in the comparable period last fiscal.
Segmentwise, engineering, procurement and construction services reported a revenue of Rs 867.92 crore while revenue from traded goods stood at Rs 131 crore.
Speaking on the financial performance, Atul Punj, Chairman, Punj Lloyd, said, "We are witnessing some encouraging traction in order booking across all our segments of presence. Amongst the most recent was the 459 km gas pipeline in Turkey worth Rs 2,780 crore." "Additionally, in India, amongst others, we've won four highway contracts worth Rs 1,555 crore and two orders from NTPC for rural electrification. This we believe is a reflection of a gradually improving environment and should this continue, we are confident that Punj Lloyd, which possesses the requisite scale and capability, will be better positioned." He said the company's performance for the quarter under review has been impacted by delay in award of projects already won, non-movement in client negotiations for some projects and slow execution on account of unavailability of incremental working capital.
"However, most issues with regard to funding have been addressed and we are hopeful of progressively improved execution," he said in an investors presentation.
Its order backlog of Rs 23,330 crore comprises unexecuted orders as on December 31, 2015 plus new order received after that date. This includes order backlog of Rs 7,457 crore in Libya.
Punj Lloyd Group is a diversified international conglomerate offering EPC services in Energy and infrastructure along with engineering and manufacturing capabilities in the Defence sector.
Shares of the company closed 0.67 per cent up at Rs 22.55 apiece on the BSE.
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