Leading infrastructure firm Punj Lloyd on Monday reported over 87 per cent plunge in consolidated net profit at Rs 8.77 crore for the quarter ended December, largely due to muted sales growth and higher interest burden.
The company had reported a net profit of Rs 70.35 crore during the corresponding period of the previous fiscal year.
Net sales of the company was up 3.68 per cent to Rs 2,775.29 crore during the quarter vis-a-vis Rs 2,676.81 crore of the October-December quarter of FY'12, it said in a filing to Bombay Stock Exchange.
Its total expenditure at Rs 2,677.97 crore during the quarter constituted over 96 per cent of its net sales.
Besides, its interest burden rose by 22.24 per cent to Rs 198.29 crore.
The result was also impacted by over 98 per cent decline in its other income, mainly interest on deposits, which stood at Rs 2.78 crore against corresponding quarter's Rs 194.94 crore.
In a separate statement, Punj Lloyd said it has order backlog of Rs 23,690 crore till today.
"The order backlog is the value of unexecuted orders on December 31, 2012 plus new orders received after that date," it said.
Commenting on the results, company chairman Atul Punj said, "our order book continues to expand at a healthy rate despite difficult market conditions. Delay in payments from clients and high interest costs have impacted us adversely."
Noting that there is a a gradual change in global sentiment, Mr Punj said he is "cautiously optimistic" about the future.
During the year, Punj Lloyd and its various group companies won several orders including an EPC order of Qatar's first polysilicon plant (Phase 2) from Qatar Solar Technologies (QSTEC).
Besides, it also bagged an order for construction of integrated residential and retail complex titled Capitol Heights by TRIF Real Estate and Development Private Limited, a Special Purpose Vehicle (SPV) of Tata Realty and Infrastructure Ltd.
Punj Lloyd scrip on Monday closed at Rs 51.95 a share on the BSE, up 4.63 per cent from its previous close.
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