Engineering firm Punj Lloyd Ltd on Friday reported a 63.32 per cent decline in its consolidated net profit at Rs 52.85 crore for the second quarter ended September 30, mainly due to cost overruns.
The company had a consolidated net profit of Rs 144.12 crore in the September quarter last fiscal, Punj Lloyd said in a filing to the National Stock Exchange.
"We have seen an encouraging order inflow during the first half of FY'2010 under review and the group bagged some prestigious orders during the period," said Atul Punj, Chairman of Punj Lloyd Group.
"However, margins were adversely impacted owing to cost overruns and consequent losses in a project executed by Simon Carves Ltd, UK," he said.
Consolidated net income of the company decreased to Rs 2,876.44 crore in the quarter under review from Rs 2,926.05 crore during the same period previous year, it said.
For the six-month period ended September 30, 2009, the consolidated net profit declined to Rs 179.99 crore from Rs 255.98 crore in the half-yearly period previous year.
The consolidated total income rose to Rs 5,831.57 crore in the six-month period under review from Rs 5,574.80 crore during the same period last fiscal.