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Punj Lloyd Q2 net loss flat at Rs 226 cr

Press Trust of India  |  New Delhi 

Ltd, the diversified engineering, procurement and construction conglomerate, today posted standalone flat net loss of Rs 225.8 crore for the quarter ended September 30, 2016.

The company had posted a net loss of Rs 226 crore in the corresponding quarter of previous fiscal, Ltd said in a filing.

The total from operations declined to Rs 995.69 crore, over Rs 1,008.8 crore in the year-ago period.

"The quarter under review saw some acceleration in execution across all our projects. We are encouraged by a gradually improving macro environment and an enabling policy framework, both of which should translate to improved performance for the sector," Chairman Punj said in a statement.

A key development during the quarter was the Cabinet's decision on payment of arbitration awards by agencies to EPC companies. This, the company, believe is a significant positive for the industry and will go a long way towards reducing debt and infusing money into the business, enabling timely project execution, he said.

"In line with our strategy of exiting non-core businesses, we are under the process of exiting/divesting in some SPVs under PLIL, a wholly owned subsidiary of Punj Lloyd," he added.

Punj Lloyd is a diversified international conglomerate offering EPC services in energy and infrastructure along with engineering and manufacturing capabilities in the defence sector.

The second largest engineering and construction company in India, Punj Lloyd has operations spread across 24 countries, a mix across the Middle East, Africa, the Caspian, Europe, Asia Pacific and South Asia.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Wed, November 30 2016. 19:57 IST