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Diversified engineering, procurement and construction firm Punj Lloyd Ltd has widened its net loss for the first quarter of fiscal 2015-16 at ₹ 598 crore. In the same quarter last year, the company's net loss was ₹ 364 crore.
During the quarter, the company's gross income fell 40 per cent to ₹ 685 crore from ₹ 1,123 crore in the same quarter last year.
"The company has been successful in a number of bids in the current quarter in the energy and infrastructure verticals, with many more in the pipeline. This quarter’s financial performance has seen some impact due to client related issues in the offshore business and also on account of incremental working capital requirement to support the cash flows. With the banks and client issues having been resolved now, the company will show a significant improvement progressively in the subsequent quarters," Atul Punj, Chairman, Punj Lloyd Group, said in a statement.
“We are seeing a lot of opportunities in the Defence business and with our capabilities, we are confident of being a major player in this sector and making the Government’s ‘Make in India’ programme a reality,” he added.
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