Pipavav Defence reports Q1 net loss at Rs 167 crore

Pipavav Defence and Offshore Engineering Company Ltd today reported a standalone net loss of Rs 167.27 crore for the quarter ended June 30, 2015.
However, the company had reported a net profit of Rs 812.25 crore in the corresponding quarter of the previous fiscal, it said in a regulatory filing.
The total income during the quarter dropped to Rs 106.95 crore from Rs 316.47 crore in the year-ago period.
The total expenses reduced to Rs 170.47 crore from Rs 223.79 crore in the corresponding quarter of the previous fiscal.
In March, "Reliance Infrastructure together with its wholly-owned subsidiary Reliance Defence System Pvt Ltd have entered into a pact with the company and its existing promoters for acquisition of 17.66 per cent of shareholding of the company from the existing promoters of the company and acquiring the sole management in the company," it said.

The process for getting necessary approvals for acquiring 26 per cent of the equity shares of the company from the existing public shareholders through open offer is in process, it added.
The company's shares today closed 0.16 per cent down at Rs 61.70 apiece on the BSE.