Leading infrastructure firm Punj Lloyd today reported 66.67 per cent growth in consolidated net profit at Rs 15 crore for the fourth quarter ended March, 31, 2013.
The company’s net profit stood at Rs 9 crore in the corresponding quarter of 2011-12.
Its total income was up 8 per cent at Rs 3,307 crore during the quarter, the company said in a statement but did not give the comparative figures.
For the fiscal year ended March, 2013, Punj Lloyd reported a consolidated net loss of Rs 7 crore as against a net profit of Rs 92 crore of 2011-12.
“Increase in financing charges by 23 per cent at Rs 781 crore over the previous year’s figure of Rs 633 crore and higher depreciation and taxes (Rs 424 crore) accounted for a marginal loss of Rs 7 crore,” the company said.
Commenting on Punj Lloyd’s performance, its chairman Atul Punj said, “Our performance in the just concluded year has been reflective of our global competitive position and our resilience to what has been a very difficult environment. We have expanded our order book with some prestigious order wins...”
He added that mobilisation of company’s resources in Libya continues and Punj Lloyd is optimistic of resuming work there soon in the infrastructure sectors.
Talking about India, he said that recent policy initiatives combined with expected reduction in interest rates will result in improved sentiment though the market will remain competitive.
“Our focus also continues to be on reducing our cost of debt and improving our working capital cycle and we are exploring several avenues in this regard,” Punj said.
As on 10 May 2013, Punj Lloyd Group has an order backlog of Rs 22,499 crore, the company said.
Shares of the company closed today at Rs 56.15 apiece on the BSE, up 1.45 per cent from their previous close.