Engineering and Procurement major, Punj Lloyd reported a ₹ 194 net loss for the first quarter of the financial year 2017-2018. This is lower than the ₹ 211 crore net loss reported during the corresponding quarter of the last financial year.

The company also reported a better top line with total income rising to ₹ 1,092 crore during the quarter ending June 30 of the current fiscal. This stood at ₹ 1,010 crore for the corresponding quarter of the last financial year.

Punj Lloyd’s Singapore operations are also facing fire as the Singapore High Court has rejected the rehabilitation proposals submitted by the company for its subsidiaries. An official statement said, the Singapore High Court has placed the Sembawang Engineers and Constructions Private Limited (SEC) and Punj Lloyd Private Limited (PLPL), subsidiaries of Company in Singapore, under Judicial Management. As per the August 7 hearing, the High Court has ordered PLPL and SEC to be wound up.

The company said that it is considering the option to purchase some of the assets/investments of the above subsidiaries.

In a statement to the exchanges, the company said that Pipeline and Tankages contributed to 49 per cent (₹ 622 crore) of the revenue earned during the quarter under consideration.

The company reported an order backlog of ₹ 10,845 crore at the end of the first quarter. Of this, pipeline and tankages business comprised ₹ 4,951 crore or 46 per cent of the total backlog.

This does not include the ₹ 6,845 crore backlog of orders in Libya which are not seeing traction according to the company. The net borrowing of the company stood at ₹ 6,806 crore at the end of the quarter.

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