Punj Lloyd down as Q2 loss rises sharply

Consolidated net loss increased to Rs 67.08 crore in Sep 2013 compared with a loss of Rs 17.92 crore in Sep 2012

Shares of Punj Lloyd were down nearly 2% at Rs 28.25 after the company annonced a higher loss on a consolidated basis for the second quarter ended September 30, 2013 because of high raw material costs.

The company reported a consolidated net loss of Rs 67.08 crore for the second quarter ended September 2013 compared with a loss of Rs 17.92 crore in the same quarter last fiscal.

Raw material costs during the second quarter increased to Rs 1130.35 crore from Rs 815.31 crore in the corresponding quarter last fiscal.

However, total income from operations for the quarter under review increased to Rs 3131.62 crore from Rs 2941.70 crore in the quarter ended September 30, 2012.

Over 1.5 million shares were traded on both the stock exchanges so far.