Punj Lloyd tumbles after weak Q1 numbers

Punj Lloyd fell 11.89% to Rs 27.80 at 10:17 IST on BSE after the company reported net loss of Rs 597.84 crore in Q1 June 2015 as against net loss of Rs 363.92 crore in Q1 June 2014.

The result was announced after market hours on Friday, 14 August 2015.

Meanwhile, the BSE Sensex was down 250.17 points, or 0.89%, to 27,817.14.

On BSE, so far 12.23 lakh shares were traded in the counter, compared with an average volume of 9.66 lakh shares in the past one quarter.

The stock hit a high of Rs 28.20 and a low of Rs 26.30 so far during the day. The stock hit a 52-week high of Rs 45.20 on 10 September 2014. The stock hit a record low of Rs 20.75 on 20 May 2015.

The stock had outperformed the market over the past one month till 14 August 2015, rising 20.65% compared with 0.48% rise in the Sensex. The scrip had also outperformed the market in past one quarter, rising 26.20% as against Sensex's 3.17% rise.

The small-cap company has an equity capital of Rs 66.42 crore. Face value per share is Rs 2.

Punj Lloyd's net sales declined 41.06% to Rs 652.77 crore in Q1 June 2015 over Q1 June 2014.

The company's chairman, Atul Punj said that the company was successful in a number of bids in the current quarter in the energy and infrastructure verticals, with many more in the pipeline. This first quarter's financial performance witnessed some impact due to client-related issues in the offshore business and also on account of incremental working capital requirement to support the cash flows. With the banks and client issues having been resolved now, the company will show a significant improvement progressively in the subsequent quarters, he added. He further said that the company is seeing a lot of opportunities in the defence business and it is confident of being a major player in this sector and making the Government's 'Make in India' programme a reality.

The group's order backlog stands at Rs 19884 crore. The order backlog is the value of unexecuted orders as on 30 June 2015, plus new orders received after that date.

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

Powered by Capital Market - Live News