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Punj Lloyd Q3 loss widens to Rs 2,795 cr on loan defaults, project delays

Punj Lloyd's income from operations in the October-December period declined to Rs 511.04 crore

Press Trust of India  |  New Delhi 

Punj Lloyd

Punj Lloyd

Infrastructure company Punj Lloyd's loss widened to Rs 2,795.06 crore in the third quarter of 2018-19 from Rs 183.9 crore in the year-ago quarter, the company informed bourses on Wednesday.

Its income from operations in the October-December period declined to Rs 511.04 crore, over Rs 1,169.47 crore in the corresponding quarter of previous fiscal.

further said that there were delays, defaults in repayments of substantial dues to lenders.

"Company's current liabilities exceeded its current assets and net worth of the company was also eroded as at December 31, 2018," said.

The company, as part of its financial restructuring to pare debt and strengthen balance sheet to better for equipped for bidding new projects, had submitted a scheme of restructuring with its lenders.

ALSO READ: Punj Lloyd Q2 net loss widens to Rs 14.65 bn on defaults in repayments

Clarity on the structure of restructuring proposal was under consideration and response was awaited from lenders, it said.

Additionally, to improve operational efficiencies, said that it was taking various measures, including monetising its identified assets as avenues of raising funds.

Due to delay in restructuring, the firm was unable to generate the expected profits in the current period, and had to revise its estimates for future taxable income, it said.

is an international conglomerate offering EPC services in energy and infrastructure along with engineering and manufacturing capabilities in the defence sector.

First Published: Wed, February 06 2019. 20:15 IST
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