This Article is From Aug 15, 2015

Pipavav Defence Posts Loss of Rs 167 Cr in Q1

New Delhi: Pipavav Defence and Offshore Engineering Company Ltd on Friday reported a standalone net loss of Rs 167.27 crore for the fiscal first quarter that ended on June 30, 2015.

The company had reported a net profit of Rs 812.25 crore for the corresponding period a year ago, it said in a regulatory filing.

Total income during the quarter under review dropped to Rs 106.95 crore, from Rs 316.47 crore a year ago.

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.

Shares in Pipavav Defence, on Friday, ended 0.16 per cent lower at Rs 61.70 apiece on the BSE.