Punj Lloyd Q4 consolidated net loss at Rs 382 cr

Diversified EPC conglomerate Punj Lloyd today reported a net loss of Rs 382.08 crore on a consolidated basis for January-March quarter on the back of decline in income and deferment of settlement of company's claims on some overseas projects.
It had reported a net profit of Rs 15.31 crore for the fourth quarter of 2012-13.
Total income from operations dipped by 26 per cent to Rs 2,398.67 crore in the quarter under review over Rs 3,241.92 crore in the corresponding period previous fiscal.
Total expenses, however came down to Rs 2,646.08 crore in Q4 of the last fiscal over Rs 3,059.38 crore.

The company in a statement said the "profits at the group level have been impacted primarily on account of deferment of settlement of company's claims on certain overseas projects and the company has accounted cost overruns on Conservative approach.
As per report filed on the BSE, the company has mentioned, "recoverability of claims aggregating to Rs 38,986 lakh (Rs 389.86 crore)" on the basis of reports from independent auditors of the financial statements of the company's branch in Thailand.

It said that henceforth the company will focus on settlement of longstanding claims from various projects to improve its working capital cycle.

The company also announced that its Director and Group CEO JP Chalasani has been appointed by the board of directors as the Managing Director and Group CEO with immediate effect.
Commenting on results, Punj Lloyd Group Chairman Atul Punj said, "While the last 2-3 years have had their share of challenges, we are optimistic of improved performance going forward with a stable government at the Centre. Also we expect the new government will provide an environment conducive to growth and revive the investment climate particularly in the infrastructure and energy sectors."
Punj said winning a Rs 1,270-crore expressway project in Yemen and another Rs 3,254 crore buildings and infrastructure project in Libya reflects the company's strategy of pursuing global markets and strengthening group operations by focussing on project earnings.

"We are optimistic about our future growth and the group will continue to explore opportunities in other markets in an endeavour to expand global footprint," he said.
The group's order backlog stands at Rs 20,222 crore in March this year.
For the entire fiscal, the group's loss widened to Rs 548.23 crore against Rs 7.21 crore in FY'13.
The engineering, procurement and construction (EPC) company offers services in energy and infrastructure sectors along with engineering and manufacturing capabilities in the defence sector.
Shares of the company closed at Rs 42.90 apiece, up 4 per cent from the previous close on the BSE.