Two major infrastructure companies, GMR Infrastructure Ltd and Punj Lloyd Ltd, announced their half-yearly results for the current fiscal today. Both exhibit poor profit figures compared to their last fiscal half-quarterly results.
GMR Infrastructure reported a net profit of Rs53.61 crore for the second quarter ended 30 September 2009, as against Rs90 crore in the same quarter last year. Similarly, Punj Lloyd reported net profit of Rs180 crore in the first half to end-September against Rs256 crore for same period a year ago. However, GMR Infrastructure has reported a 138% higher net profit compared to the previous quarter.
“The margins were adversely impacted owing to cost overruns and consequent losses in a project executed by UK-based Simon Carves Ltd,” said Atul Punj, chairman, Punj Lloyd group.
However, companies like SREI Infrastructure Ltd and GTL Infrastructure Ltd—involved in infrastructure finance and supply of infrastructure equipment—have reported a positive change in their profits. SREI Infrastructure’s net profit for the half year ended 30 September was Rs51 crore as against Rs48 crore a year ago.
For the second quarter to end-September, GTL reported a 31% higher net profit of Rs50.22 crore compared with Rs38.30 crore, for the same period in the previous year. -Amritha Pillay[email protected]