Diversified engineering, procurement and construction firm Punj Lloyd has reported a standalone net profit of ₹ 269 crore for the fourth quarter of fiscal 2014-15. In the same quarter last year, the company’s net profit was ₹ 5 lakh.

The increase in net profit was despite a fall in its turnover. Punj Lloyd’s turnover fell 9.1 per cent to ₹ 1,860 crore during the quarter compared with ₹ 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 ₹ 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 ₹ 1,141 crore from ₹ 548 crore in the previous fiscal.

Its annual consolidated turnover also fell 30 per cent to ₹ 7,875 crore from ₹ 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 ₹ 26.35.

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