 "Punj Lloyd posts Rs 269 cr net profit")
Punj Lloyd Group, the diversified engineering, procurement and construction conglomerate, reported a standalone net profit of Rs 269 crore for the fourth quarter of fiscal 2014-15. In the same quarter last year, the company’s net profit was Rs 5 lakh.
The company's Q4 net profit soared to Rs 268 crore compared to Rs 5 lakh but total income fell to Rs 1,290 crore from Rs 2,037 crore on a yearly basis.
The increase in net profit was despite a fall in its turnover. Punj Lloyd’s turnover fell 9.1 per cent to Rs 1,860 crore during the quarter compared with Rs 2,048 crore in the same quarter last year.
The company's Q4 net profit soared to Rs 268 crore compared to Rs 5 lakh but total income fell to Rs 1,290 crore from Rs 2,037 crore on a yearly basis.
The increase in net profit was despite a fall in its turnover. Punj Lloyd’s turnover fell 9.1 per cent to Rs 1,860 crore during the quarter compared with Rs 2,048 crore in the same quarter last year.
Atul Punj, Chairman, Punj Lloyd Group said that FY2015 had been a challenging year for companies in the infrastructure sector and Punj Lloyd was no exception.
“We had entered the year with an insufficient order book, which is reflected in the reduced turnover for FY2015. Profits and cash flows were further affected by deferment of settlement of Company’s claims on certain projects, both domestic and overseas.”