New Delhi:Infrastructure firm Punj Lloyd on Wednesday reported a standalone profit of Rs944 crore for the quarter ended March 2018.

The company had posted a loss of Rs181.58 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 Rs1,133 crore, over Rs1,027 crore in the corresponding period of 2016-17.

As part of its financial restructuring towards paring debt and strengthening balance sheet thereby also being better equipped to bid for new projects, the company 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 Rs16.15 apiece on the BSE, up 0.62% from the previous close.

In a separate filing, Punj Lloyd said its board has approved the elevation of Rakesh Amol, president - chairman’s office, to the position of group chief executive officer of the company.

The board has also approved “a proposal to restructure the outstanding credit facilities...by way of conversion of such credit facilities into securities...to promoters/investors on preferential basis, increase in authorised share capital of the company for the above purpose subject to consent of lenders of the company and other regulatory authorities and convening an extra-ordinary general meeting of the company to seek necessary shareholders approval for the above purpose." The board did not recommend any dividend for the FY 2017-18.

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