Infrastructure major Punj Lloyd on Tuesday reported a consolidated net profit of Rs 18 crore for the quarter ended March 31, 2011, on higher income. The company had reported a net loss of Rs 302 crore in the corresponding quarter last fiscal, it said.
Total income rose by 30.89 per cent to Rs 2,326 crore during the quarter vis-a-vis the corresponding period of the previous year.
Its total income during the January-March quarter of 2010 stood at Rs 1,777 crore. Speaking on the financial performance of the engineering and construction major, Chairman Atul Punj said, "Intense competition, increase in the prices of commodities and oil products, interest rates, delays in land acquisition have contributed to a challenging environment."
However, he exuded confidence that the firm's established EPC (engineering, procurement and construction) experience and strength in diversified businesses and the organisational framework across 20 geographies "will ensure that we exploit markets worldwide."
As of May 30, 2011, the Punj Lloyd Group's order backlog stood at Rs 22,805 crore. Citing key developments in the quarter, the company said its subsidiary Punj Lloyd Infrastructure Limited (PLIL) bagged a BOT annuity contract for the upgrade of a 114-km highway in Bihar, besides a Rs 114-crore railway project.
Besides PL Engineering, a group company, and GECI India entered into a joint venture that will initially focus on providing services in the Indian aerospace sector.
Also, it secured three oil and gas contracts in India, Oman and Indonesia worth Rs 645 crore during the period.
With regard to the company's consolidated annual performance, the company recorded a year-on-year net loss of Rs 50 crore in 2010-11.
It had recorded a loss of Rs 116 crore in the previous fiscal. Total income for the fiscal stood at Rs 8,166 crore, compared to Rs 10,861 crore during the corresponding period of the previous year.
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