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Engineering, procurement and construction company Punj Lloyd’s net loss widened in the third quarter of fiscal 2015-16 to ₹ 300 crore against ₹148 crore in the same quarter last year.
During the quarter, net revenue fell 21 per cent to ₹1,013 crore against ₹1,291 crore.
“Our performance for the quarter under review has been impacted by delay in award of projects already won, non-movement in client negotiations for some projects and slow execution on account of unavailability of incremental working capital. However, most issues with regard to funding have been addressed and we are hopeful of progressively improved execution,” said Atul Punj, Chairman.
Its order backlog stands at ₹23,330 crore, including order backlog of ₹7,457 crore in Libya which is not seeing traction, the company said in a statement.
The order backlog is the value of unexecuted orders on December 31, 2015, plus new orders received after that date.
On Friday, Punj Lloyd’s shares closed 0.67 per cent higher on the BSE at ₹22.55.
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