Punj Lloyd has tanked 9% to Rs 38.85 after reporting a consolidated net loss of Rs 382 crore for the fourth quarter ended on March 31, 2014 (Q4FY14), on the back of a decline in income and deferment of claim settlement on some overseas projects. The construction and engineering company had profit of Rs 15 crore in the same quarter year ago.
Total income from operations declined 26% to Rs 2,400 crore in the quarter under review against Rs 3,242 crore in the corresponding period previous fiscal year.
The profits at the group have been impacted primarily by a deferment of settlement of company's claims on certain overseas projects and the company has accounted for cost overruns on a conservative basis, Punj Lloyd said in a statement.
Going forward, the company will focus on settlement of longstanding claims from various projects to improve its working capital cycle and strong order booking, it added.
The company said the group's order backlog stood at Rs. 20,222 crore in March this year.
The stock opened at Rs 39.70 and hit a low of Rs 38.15 on NSE. A combined 6.76 million shares changed hands on the counter so far on the NSE and BSE.
Total income from operations declined 26% to Rs 2,400 crore in the quarter under review against Rs 3,242 crore in the corresponding period previous fiscal year.
The profits at the group have been impacted primarily by a deferment of settlement of company's claims on certain overseas projects and the company has accounted for cost overruns on a conservative basis, Punj Lloyd said in a statement.
Going forward, the company will focus on settlement of longstanding claims from various projects to improve its working capital cycle and strong order booking, it added.
The company said the group's order backlog stood at Rs. 20,222 crore in March this year.
The stock opened at Rs 39.70 and hit a low of Rs 38.15 on NSE. A combined 6.76 million shares changed hands on the counter so far on the NSE and BSE.
