Punj Lloyd Q2 net loss widens to Rs 67 cr

Company reported a net loss of Rs 18 crore in the corresponding quarter of the previous fiscal

Construction major Punj Lloyd's consolidated net loss has widened nearly four-fold to Rs 67.08 crore for the second quarter ended September 30, as it incurred Rs 70.90 crore loss on account of minority interest.

The company had reported a net loss of Rs 17.92 crore in the corresponding quarter of the previous fiscal.

Total income of the company, however, was up 13.12% to Rs 3,131.62 crore in the last quarter vis-a-vis Rs 2,768.43 crore, it said in a filing to the BSE.

The company's total expenditure stood at Rs 2,913.15 crore in the quarter and amounted to 93% of its total income. Besides, finance costs rose over 8% to Rs 215.06 crore, while tax outgo declined by over 89% to Rs 4.34 crore.

The company incurred Rs 70.90 crore loss on account of its minority interests in various firms but it did not specify their names. Had the minority interest share not been there, Punj Lloyd would have made a profit of Rs 2.24 crore against a net loss of Rs 25.74 crore.

In its filing, the company said tax outgo includes deferred tax and minimum alternate tax credit.

In a separate statement, Punj Lloyd said that it enjoys strong order backlog of Rs 20,891 crore.

"The industry continues to face challenges of prolonged economic slowdown coupled with high finance costs. Punj Lloyd is aggressively pursuing various steps that are aimed at reducing its finance costs as well as improving operational efficiencies," company chairman Atul Punj said.

Few days back, the company had announced that its Singapore based subsidiary Punj Lloyd Pte Ltd has sold its entire holding in Olive Group Capital.

Shares of the company closed today at Rs 29.90 apiece on the BSE, up 6.41% from the previous close.