Infrastructure company Punj Lloyd's loss widened to Rs 2,795.06 crore in the third quarter of 2018-19 from Rs 183.9 crore in the year-ago quarter, the company informed bourses Wednesday. Its income from operations in the October-December period declined to Rs 511.04 crore, over Rs 1,169.47 crore in the corresponding quarter of previous fiscal.
Punj Lloyd further said that there were delays, defaults in repayments of substantial dues to lenders.
"Company's current liabilities exceeded its current assets and net worth of the company was also eroded as at December 31, 2018," Punj Lloyd said.
The company, as part of its financial restructuring to pare debt and strengthen balance sheet to better equipped for bidding new projects, had submitted a scheme of restructuring with its lenders.
Clarity on the structure of restructuring proposal was under consideration and response was awaited from lenders, it said.
Additionally, to improve operational efficiencies, Punj Lloyd said that it was taking various measures, including monetising its identified assets as avenues of raising funds.
Due to delay in restructuring, the firm was unable to generate the expected profits in the current period, and had to revise its estimates for future taxable income, it said.
Punj Lloyd Group is an international conglomerate offering EPC services in energy and infrastructure along with engineering and manufacturing capabilities in the defence sector.
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