Punj Lloyd once again at new low

After the dismal set of Q4 and FY16 numbers, the woes of Punj Lloyd continues. The stock price today morning hit a new 52-week low at Rs.19.80 and remains low at the same levels.

The company announced yesterday after market hours that Punj Lloyd and its subsidiary, M/s. Punj Lloyd Upstream have been ordered to pay by the High Court of Justice, UK, a sum of US$ 26.2 million. The Court has also ordered the company to pay British £75,000 as summary assessment cost.

The company has said that is was considering various legal options and shall take appropriate steps in respect of such order.

The company performance for Q4FY16 has been bad. It posted a net loss of Rs.468 crore for Q4FY16 v/s profit of Rs.268 crore in Q4FY15. The fall began right from the topline – total income was down by a huge 43% at Rs.723 crore. Though it managed to bring down its costs by 13%, the recouping never could happen. Interest outgo of Rs.204 crore and tax of Rs.14 crore only increased the loss.