Punj Lloyd's net loss at Rs 148 cr in Dec quarter

Engineering and construction major Punj Lloyd today reported a net loss of Rs 147.76 crore for the quarter ended December 31, 2014.
The company had reported a net profit of Rs 1.21 crore in the corresponding quarter of the previous fiscal, it said in a filing to the BSE.
Total income from operations dropped to Rs 1,395.02 crore as against Rs 2,024.09 in the year-ago period.
Net sales declined to Rs 1,263.52 crore as compared with Rs 2,020.17 crore in the corresponding quarter of the previous fiscal.
Punj Lloyd Group Chairman Atul Punj said in a statement, "The total order booking till date in FY15 has surpassed the value of orders booked during the two-year period 2012-14, auguring the prospects for improved financial performance in the coming time."

He added that the company's focus continues to be on cost reduction and claim realisation.

"Our first significant accomplishment in the planned debt reduction through monetisation of our non-core assets has been achieved with the sale of our shareholding in Global Health Pvt Ltd. A few more initiatives, currently underway, would set the operation to demonstrate a positive all around grwoth..."
He further said the initiatives taken by the new government have raised industry sentiments and the group is confident that with the effective implementation of new orders and the increased opportunities for EPC players, business prospects are bright.
"Our dedicated, cutting edge defence manufacturing facility will also see traction with the impetus given to the 'Make in India' programme," he further added.

The group's order backlog stands at Rs 23,181 crore. The order backlog is the value of unexecuted orders on December 31, 2014, plus new orders received after that date.