Shares of Punj Lloyd rose nearly 18 percent in the opening trade on Thursday as company turned profitable in the quarter ended March 2018.
The company has posted profit of Rs 944 crore in Q4FY18 against loss of Rs 184 crore in Q3FY18.
The company had posted loss of Rs 181 crore in March 2017.
Revenue for the quarter ended March 2018 rose 19 percent at Rs 1060 crore against Rs 890 crore in a year ago period.
The board has approved a proposal to restructure the outstanding credit facilities by way of conversion of such credit facilities into securities (non-
convertible/redeemable/convertible) on preferential basis, issuance of securities (non-convertible/redeemable/convertible) to promoters/investors on preferential basis.
The board also approved the elevation of Rakesh Amol, President Chairman”s office, to the position of Group Chief Executive Officer (CEO) of the company.
In the quarter ended March 2018 the company won a contract worth Rs 800 crore for six laning of NH5 from Tangi to Bhubhaneshwar in the state of Odisha on EPC basis by NHAI.
Also, it won contract worth Rs 500 crore for Six I Four Laning of NH 5 (New NH 16) from Puintola to Tangi in the state of Odisha on EPC basis by NHAI.
At 09:24 hrs Punj Lloyd was quoting at Rs 18.50, up Rs 2.35, or 14.55 percent on the BSE.