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Punj Lloyd slides after reverse turnaround in Q3

Capital Market/ 15:16 , Feb 17, 2014

Punj Lloyd lost 4.16% to Rs 26.50 at 15:14 IST on BSE after the company reported consolidated net loss of Rs 139.48 crore in Q3 December 2013 as against net profit of Rs 8.77 crore in Q3 December 2012.

The Q3 result was announced after market hours on Friday, 14 February 2014.

Meanwhile, the S&P BSE Sensex was up 104.09 points or 0.51% at 20,470.91.

On BSE, so far 5.06 lakh shares were traded in the counter as against average daily volume of 7.16 lakh shares in the past one quarter.

The stock hit a high of Rs 27.25 and a low of Rs 26.20 so far during the day. The stock had hit a record low of Rs 20.25 on 4 September 2013. The stock had hit a 52-week high of Rs 57.80 on 9 May 2013.

The stock had outperformed the market over the past one month till 14 February 2014, sliding 1.25% compared with the Sensex's 3.17% fall. The scrip had also outperformed the market in past one quarter, jumping 6.96% as against Sensex's 0.16% fall.

The small-cap company has equity capital of Rs 66.42 crore. Face value per share is Rs 2.

Punj Lloyd's consolidated net sales declined 2.3% to Rs 2710.76 crore in Q3 December 2013 over Q3 December 2012. EBITDA (earnings before interest, taxation, depreciation and amortization) declined 45.57% to Rs 160 crore in Q3 December 2013 over Q3 December 2012.

Commenting on the company's financial performance, Atul Punj, Chairman, Punj Lloyd Group said, While the environment continues to be challenging, initiatives and developments at Punj Lloyd make us cautious but optimistic about the future. With Director and Group CEO, J P Chalasani at the helm, Group operations will strengthen with a focus on project earnings. We will continue to pursue new markets with special focus on MRT and railways. Encouragingly, our project in Libya has recommenced and we have begun to receive some payments. Additionally, we have taken several steps towards making Punj Lloyd a more lean, efficient and responsive organization. I am confident of the macro environment gradually improving and as it does. I am equally confident that Punj Lloyd under the able stewardship of Mr Chalasani and a highly capable management team, is well positioned to leverage the opportunities that unfold. The Group's order backlog stands at Rs 18852 crore. The order backlog is the value of unexpected orders on 31 December 2013 plus new orders received after that date.

The Punj Lloyd Group is a diversified international conglomerate offering engineering, procurement and construction (EPC) services in energy and infrastructure along with engineering and manufacturing capabilities in the defence sector.


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