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Pipavav Defence posts loss of Rs 167.27 cr in June quarter

By Religare

Pipavav Defence and Offshore Engineering Company Ltd reported a standalone net loss of Rs 167.27 crore in the first quarter ended June 30, 2015.

"The standalone net profit of the company stood at Rs 8.12 crore during the same period a year ago," said Pipavav Defence and Offshore Engineering Company Ltd in a filing to the Bombay Stock Exchange.

The firm's standalone total income too fell by 65.7 per cent at Rs 112.76 crore during Q1 2015-16, as compared to Rs 328.47 crore during Q1 last year.


Total expenses reduced to Rs 170.47 crore from Rs 223.79 crore in the year-ago period.

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.

Meanwhile, shares of the company ended Friday's trade at Rs 61.70 apiece, down 0.16 per cent, from previous close on BSE.

Story first published: Monday, August 17, 2015, 9:40 [IST]
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