Engineering, procurement and construction (EPC) conglomerate Punj Lloyd has reported a net loss of ₹468 crore for the fourth quarter of fiscal 2015-16, as a weak operating environment hurt the company.
In the same quarter last year, it had reported a net profit of ₹269 crore. Net revenue fell 60.3 per cent to ₹734 crore (₹1,851 crore).
“Our focus is on improving the quality of our balance-sheet, execution of projects, recovery of claims and cash flows.
“Last year has been one of strategic consolidation for Punj Lloyd. This effort continues into the current year,” said Atul Punj, Chairman of Punj Lloyd Group.
He added that the domestic business environment improvement has been reflected in policy changes and higher order inflows.
“Concurrently, we continue to look at international markets where we can bring to the table our strengths and rich experience,” Punj said.
For fiscal 2016, the company’s consolidated net loss stood at ₹2,245 crore (₹1,141 crore). Consolidated net revenue fell 43.2 per cent to ₹4,415 crore (₹7,784 crore). The group’s order backlog stood at ₹23,836 crore including ₹6,845 crore in Libya.
On Friday, Punj Lloyd’s share closed 1.4 per cent higher on the BSE at ₹21.70.