The company’s gross income showed an increase of 45.5% as compared to the Q1 income for the previous year.
The company moved from a loss of INR 289 Crores at a operating level (EBITDA) in Q1 last year to INR 36 Crores profit this year.
Atul Punj, Managing Director attributed the improvement in performance to turnaround efforts put in by the company across various fronts.
He said, “We are seeing a gradually improving environment both in India and overseas and are optimistic of the opportunities unfolding.
The government is in the final stages of awarding a Rs 670-crore contract to Punj Lloyd for upgrading the army’s ageing Zu-23-2B anti-aircraft guns, capable of engaging both aerial and ground targets.