Punj Lloyd Plunges 5% as Q1 Loss Widens

Punj Lloyd shares corrected 5 per cent to Rs 39.45 on Tuesday as the company reported net loss of Rs 364 crore for the first quarter of FY15. The company had reported a net profit of Rs 5 crore in the same period last fiscal.

Total income of the company declined 50 per cent year-on-year to Rs 1,114 crore from Rs 2,229 crore reported in the year ago period.

However the company is positive about its future prospects. "The company sees development of a strong opportunity in the highways and civil infrastructure space in India and from the Middle East regions and has strengthened the organisation to seize such opportunities," said Atul Punj, group chairman of Punj Lloyd group.

The group's order backlog stood at Rs. 21,164 crore.

(With inputs from PTI)