Punj Lloyd Q1 net profit jumps 14%; plans to raise Rs 1250 crore

Punj Lloyd Q1 net profit jumps 14%; plans to raise Rs 1250 crore  Punj Lloyd, a diversified global conglomerate, has posted a consolidated net profit of Rs 127.16 crore in the first quarter of the fiscal, up 13.68 per cent, compared to same period last year.

The company posted a net profit of Rs 98 crore, corresponding quarter last fiscal.

Further, the company has also witnessed a growth of 12 per cent in its revenues, which increased to Rs 2979 crore, compared to Rs 2658 crore in the year-ago period,

On the standalone basis, the company has posted a net profit of Rs 68.72 crore for the June quarter, down 18.29 per cent from Rs 84.11 crore in the same quarter last year.

However, the company reported a surge in its total income, which grew to Rs 1,932.31 crore in the latest quarter, compared to Rs 1,571.6 crore in the same period previous fiscal.

In a separate announcement, Punj Lloyd revealed its plans to raise up to Rs 1,250 crore through qualified institutional placement (QIP) and issuance of non-convertible debentures (NCDs). 

The raised amount would be used by the company to replace high-cost debt.

Angel Broking, a leading stock broking firm, has recommended a 'buy' rating on the stock with price target price of Rs 299. The scrip of the company closed today at Rs 243 on BSE, up 3% compared to its previous close of Rs 251.