Pipavav Defence Q3 loss widens to Rs 293.6 cr

Major shipbuilding and offshore fabrication maker Pipavav Defence and Offshore Engineering Company Ltd have reported that its standalone net loss widened to Rs 293.6 crore for the third quarter ended December 31, 2015, on account of sharp decline in sales.

The standalone net loss of the company stood at Rs 70.46 crore during the same period a year ago,” said LIC Housing Finance Ltd in a filing to the Bombay Stock Exchange.

Further, it’s standalone total income decreased sharply by 78.9 per cent to Rs 54.99 crore during Q3 2015-16, from Rs 261.16 crore during the same period a year ago.

It’s sales declined 80.12 per cent to Rs 49.89 crore in the quarter ended December 2015 as against Rs 250.96 crore during the previous quarter ended December 2014.

In March last year, the Anil Ambani group firm Reliance Infrastructure had announced plans to acquire a controlling stake in Pipavav Defence for up to Rs 2,082 crore. The open offer - for acquiring an additional 26 per cent for up to Rs 1,263 crore - was launched on December 2 till December 15 last year. On completion of open offer the Reliance Infrastructure had raised its stake to 35 per cent.

Meanwhile, shares of the company ended Friday’s trade at Rs 79.65 apiece, down 1.61 per cent, from previous close on BSE.