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Infrastructure major Punj Lloyd has reported a consolidated net profit of Rs 18 crore for the fourth quarter ended March 31, 2011, on higher income.
The company had reported a net loss of Rs 302 crore in the corresponding quarter last fiscal, it said in a statement.
Total income rose 30.89 per cent to Rs 2,326 crore during the quarter vis-a-vis Rs 1,777 crore in the January-March quarter of 2009-10 fiscal.
The company Chairman, Mr Atul Punj, said: “Intense competition, increase in the prices of commodities and oil products, interest rates, delays in land acquisition have contributed to a challenging environment.”
However, he exuded confidence that the firm’s established EPC (engineering, procurement and construction) experience and strength in diversified businesses and the organisational framework across 20 geographies “will ensure that we exploit markets worldwide’’.
As of May 30, 2011, the Punj Lloyd Group’s order backlog stood at Rs 22,805 crore.
Citing key developments during the quarter, the company said its subsidiary Punj Lloyd Infrastructure Ltd bagged a BOT annuity contract for the upgradation of a 114-km-long highway in Bihar, besides a Rs 114-crore railway project.
Besides PL Engineering, a group company, and GECI India entered into a joint venture that will initially focus on providing services in the Indian aerospace sector.
Also, the company secured three oil and gas contracts in India, Oman and Indonesia worth Rs 645 crore during the period.
With regard to the company’s consolidated annual performance, Punj Lloyd recorded a year-on-year net loss of Rs 50 crore in 2010-11. It had recorded a loss of Rs 116 crore in the previous fiscal.
Total income during the fiscal stood at Rs 8,166 crore compared with Rs 10,861 crore during the corresponding period of the previous year.
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