 "Punj Lloyd Q1 net loss narrows to Rs 211 crore")
Infrastructure major Punj Lloyd's standalone net loss narrowed to Rs 211.39 crore for the quarter ended June 30, 2016.
Company's net loss in the April-June quarter of the previous financial year was Rs 581.84 crore, Punj Lloyd said in a BSE filing.
Net sales of the company during the quarter ended June was at Rs 887.57 crore, up 40% from the year-ago period, it added.
Revenues from the engineering, procurement and construction services during the quarter went up to Rs 831.35 crore from Rs 504.51 crore in the year-ago period.
"Our order backlog remains strong at Rs 21,618 crore and execution of all our projects across geographies is progressing in line with defined timelines.
"We are seeing a gradually improving environment both in India and overseas and are optimistic of opportunities unfolding," Company's Chairman and MD Atul Punj said.
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Company's thrust is on improving the quality of the balance sheet, execution of projects, recovery of claims, cash flows and settling all legacy issues, he said.
In another filing, the company said its Board had on Wednesday appointed Atul Kumar Jain as Additional Director to hold office up to the next Annual General Meeting.
Jain was also appointed as whole time Director of the company for a period of five years subject to the approval of shareholders.
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.