ENP Newswire - 22 May 2014
Release date- 21052014 - New Delhi - 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 today.
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.
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.
About Punj Lloyd
Punj Lloyd (BSE SCRIP ID: PUNJLLOYD, NSE SYMBOL: PUNJLLOYD, CIN: L74899DL1988PLC033314). The Punj Lloyd Group is a diversified international conglomerate offering EPC services in Energy and Infrastructure along with engineering and manufacturing capabilities in the Defence sector. Known for its capabilities in delivering mega projects 'on time,' thereby ensuring repeat customers, the Group possesses a rich experience of successfully delivered projects across the globe, while maintaining the highest standards of health, safety, environment and quality (HSEQ).
Further information about the Group is available at www.punjlloydgroup.com
Tel: +91 9873927172