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Infrastructure firm Punj Lloyd has reported a standalone profit of Rs 944 crore for the quarter ended March 2018. The company had posted a loss of Rs 181.58 crore in the year-ago period.
According to a BSE filing, total income from operations in the January-March quarter increased to Rs 1,133 crore from Rs 1,027 crore in the corresponding period of 2016-17.
The company, it said, as part of its financial restructuring towards paring debt and strengthening the balance sheet, has submitted a proposal to its lenders for restructuring of its debt. The restructuring proposal is currently being reviewed by the lenders as per the latest RBI guidelines.
Further, various exercises required for the debt restructuring namely techno evaluation study, forensic audit, fair valuation of various assets, credit rating and review of future business plans etc., are either being carried out simultaneously or have already been completed.
The company will obtain mandatory approvals from other stakeholders subsequently. The management is confident of favourable outcome of the restructuring exercise and also of getting the necessary approvals within the stipulated time-frame, the filing said.
Punj Lloyd Group is a diversified international conglomerate offering EPC services in energy and infrastructure along with engineering and manufacturing capabilities in the defence sector. Shares of the company closed at Rs 16.15 apiece on the BSE, up 0.62 per cent from the previous close.
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