Punj Lloyd Ltd has posted results for the third quarter ended 31st December, 2011.
The total revenue stood at Rs30.21bn, while EBITDA stood at Rs3.34bn.
Commenting on the Company’s performance for Q3 & 9M FY2012, Atul Punj, Chairman, Punj Lloyd Group, said:“Our performance in the quarter under review is encouraging and is a reflection of a gradual improvement of our operations and position.Our order book continues to expand at a healthy rate despite difficult market conditions and is today almost 3.50x of our FY11 revenues. We have bagged numerous orders for civil work and construction in India and overseas besides adding orders in Process and Pipelines. We are also hopeful of gradually returning of stability in Libya and are optimistic of resuming work in the near to medium term. During this year till date we have achieved total order inflow of ` 12,364 cr.Vs. ` 9,978 Cr. achieved in the last full financial year.Additionally we are excited about our new Social Infrastructure project, a significant order from Delhi Police under the aegis of the Ministry of Home Affairs. We have done a detailed assessment of our capabilities in this space and are confident of delivering strong IRRs on this project and optimistic of creating significant shareholders’ value.On the financial front, we are exploring various alternatives to bring down the cost and level of borrowings.Punj Lloyd has shown a good resilience over the last 24 months, but I firmly believe the worst is almost getting behind us. I look forward to gradually regaining our strong competitive position”
Punj Lloyd Infrastructure Ltd* (PLIL) bags first social infrastructure project
Key Highlights:
Awarded by Delhi Police for development of a police residential complex near the busy Azadpur Mandi in North Delhi
Total value of project: Rs1,300 Cr. - Construction and maintenance of residential zone of over 5,000 units (approx. 40 lakh sq. ft.). Job includes construction of sewerage, water treatment and other utility facilities
Project won through competitive tender process after meeting out successfully stringent qualification criteria – a reflection of PL Group capabilities in this space
Concession agreement for 25 years with Delhi Police under the aegis of Ministry of Home Affairs (MHA), Govt. of India.
PLIL entitled to semi-annual annuities of ` 62.75 Cr. along with construction milestone linked lump sum payments of ` 316 Cr.
Project to be funded by a mix of debt and equity. Financial closure to be achieved in 6 months. Financial advisor for Debt syndication is being finalized.
Tender submitted after detailed assessment of capabilities. IRRs expected to be superior to industry average
PLIL is entitled to for commercial operations of non-residential infrastructures such as schools, healthcare, convenience shopping etc.