Diversified engineering, procurement and construction firm Punj Lloyd has reported a standalone net profit of Rs.269 crore for the fourth quarter of fiscal 2014-15. In the same quarter last year, the company’s net profit was Rs.5 lakh.
The increase in net profit was despite a fall in its turnover. Punj Lloyd’s turnover fell 9.1 per cent to Rs.1,860 crore during the quarter compared with Rs.2,048 crore in the same quarter last year.
Atul Punj, Chairman, Punj Lloyd Group, said that there has been a revival in order booking in 2014-15. “In fact, the total new orders booked in the year surpassed the orders booked during the two-year period between 2012 and 2014,” Punj said.
“We are aggressively pursuing a revised business strategy that is focused on overcoming the challenges at hand today and in fiscal 2014-15, we have been successful into putting several building blocks in place to chart the company's revival,” he added.
During the fiscal, Punj Lloyd has also started monetising some of its non-core assets by offloading its shareholding in Global Health Pvt Ltd which helped bring down the term loan by 30 per cent, the company added in a statement.
Punj Lloyd’s order backlog stands at Rs.21,152 crore. “The order backlog is the value of unexecuted orders on March 31, 2015 plus new orders received after that date,” the company said.
For the full fiscal 2014-15, the company’s consolidated net loss nearly doubled to Rs.1,141 crore from Rs.548 crore in the previous fiscal.
Its annual consolidated turnover also fell 30 per cent to Rs. 7,875 crore from Rs. 11,174 crore in the previous fiscal.
At 2.21 pm, Punj Loyd’s shares were trading 14.57 per cent higher on the BSE at Rs.26.35.
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