Punj Lloyd Group, the diversified engineering, procurement and construction conglomerate, announced its financial results for the fourth quarter and annual results of FY2014 at the meeting of its Board of Directors.
Speaking on the occasion, Atul Punj, Chairman – Punj Lloyd Group said, “While the last 2- 3 years have had their share of challenges, we are optimistic of improved performance going forward with a stable Government at the Centre. Also we expect the new government will provide an environment conducive to growth and revive the investment climate particularly in the infrastructure and energy sectors.
The company has reported a consolidated net loss of Rs 382 crore for the fourth quarter ended on March 31, 2014.
Total income from operations declined 26% to Rs 2,400 crore in the quarter.
Winning a Rs 1,270 crores expressway project in Yemen and another Rs 3,254 crores buildings and infrastructure project in Libya reflects our strategy of pursuing global markets and strengthening Group operations by focusing on project earnings. We are optimistic about our future growth and the Group will continue to explore opportunities in other markets in an endeavour to expand global footprint.”
The Group’s order backlog stands at Rs. 20,222 crores. The order backlog is the value of unexecuted orders on March 31, 2014 plus new orders received after that date.
The profits at the Group level have been impacted primarily on account of deferment of settlement of Company’s claims on certain overseas projects and the company has accounted cost overruns on conservative approach.
Going forward, the Company will focus on settlement of long standing claims from various projects to improve its working capital cycle and strong order booking.
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