Punj Lloyd Ltd which is a diversified engineering, procurement and construction firm announced that its net loss has widened to Rs. 598 crore for the first quarter of fiscal 2015-16 as against a net loss was Rs. 364 crore for the first quarter of fiscal 2014-15.
The gross income of the company which operates in two segments namely engineering, procurement and construction and trading of goods fell by 40 per cent to Rs. 685 crore during the period under review as against Rs. 1,123 crore in the same quarter last year.
Commenting on this, Atul Punj, Chairman, Punj Lloyd Group said, "The company has been successful in a number of bids in the current quarter in the energy and infrastructure verticals, with many more in the pipeline. This quarter's financial performance has seen some impact due to client related issues in the offshore business and also on account of incremental working capital requirement to support the cash flows. With the banks and client issues having been resolved now, the company will show a significant improvement progressively in the subsequent quarters."
He added, "We are seeing a lot of opportunities in the Defence business and with our capabilities, we are confident of being a major player in this sector and making the Government's 'Make in India' programme a reality."