Punj Lloyd | Punj Lloyd Results | Punj Lloyd First Quarter Results

Indian engineering and construction conglomerate Punj Lloyd Ltd., reported loss for the first-quarter, both on consolidated and stand-alone bases, hit by delays of clients in executing some projects, including those in Libya.

The loss was also attributed to higher fixed overheads, both in India as well overseas, the company said.

Consolidated Results

The New Delhi-based company posted a first-quarter consolidated net loss, after minority interest and share of profits/losses of Associates, of Rs.30.59 crore or Rs.0.92 per share, compared with a net profit of Rs.127.16 crore or Rs.4.08 per share in the first-quarter of 2009.

For the quarter under review, its net revenue fell by 46% to Rs.1,605.81 crore from the Rs.2,952.73 crore for the same period last year, while “other operating income” was Rs.128.07 crore, compared with Rs.20.05 crore in the preceding year quarter.

Stand-alone Results

The company reported a first-quarter stand-alone net loss of Rs.18.49 crore or Re.0.56 per share, compared with the Rs.68.73 crore or Rs.2.21 per share in the first-quarter of 2009.

Total revenue, including “other operating income”, dropped by 42% to Rs.1,115.52 crore from the Rs.1,924.54 crore for the same period a year-ago.

During the quarter, the company secured orders worth Rs.3284 crore both in the domestic and overseas markets. Its group won several prestigious orders, including the Shah Gas Development project in Abu Dhabi, India’s largest solar-based EPC contract from Government of Bihar and Group company Sembawang recently received a follow-on order from Singapore’s Resorts World Sentosa. During the quarter under review, it also won some significant infrastructure projects in India, including the construction of a medical college and a technical institute.

As on August 3 of 2010, Punj Lloyd Group had a healthy order backlog of Rs.25,556 crore (the order backlog is the value of unexecuted orders as on July 1 of 2010 and new orders received after that day).

Said Group Chairman Atul Punj: “…As the macro environment improves, we should witness encouraging opportunities across all our areas of presence. We will continue to bid for large orders and I look forward to improved performance.”

At the BSE, Punj Lloyd shares are currently trading at Rs.122.80, down by Rs.5.20 or 4.06% on volume of 979,000 shares. The scrip hit an intraday high of Rs.126 and a low of Rs.117.10.

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