New Delhi, May 30 (PTI) Infrastructure firm Punj Lloyd today reported a standalone profit of Rs 944 crore for the quarter ended March 2018.
The company had posted a loss of Rs 181.58 crore in the year-ago period, Punj Lloyd said in a filing to the BSE.
Total income from operations in the January-March quarter increased to Rs 1,133 crore, over Rs 1,027 crore in the corresponding period of 2016-17.
The company, it said, as part of its financial restructuring towards paring debt and strengthening balance sheet thereby also being better equipped to bid for new projects, has submitted a proposal to its lenders for restructuring of its debt.
The restructuring proposal is currently being reviewed by the lenders as per the latest RBI guidelines. Further, various exercises required for the debt restructuring viz. techno evaluation study, forensic audit, fair valuation of various assets, credit rating and review of future business plans etc are either being carried out simultaneously or have already been completed.
The company will obtain mandatory approvals from other stakeholders subsequently.
The management is confident of favourable outcome of restructuring exercise and also of getting the necessary approvals, within stipulated time-frame, it said.
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.
Shares of the company closed at Rs 16.15 apiece on the BSE, up 0.62 per cent from the previous close. PTI SID MKJ MKJ