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Punj Lloyd bags orders worth `645
Punj Lloyd has bagged three orders (two international and one domestic) aggregating to
`645cr. The first order worth `323cr from petroleum company Occidental Mukhaizna,
Oman involves EPC of a new water treatment plant. The second order for `271cr is from an
Indonesian oil company Pertamina for the construction of three well head platforms and
laying of offshore gas pipeline. The third contract from GAIL worth `51cr is for laying a
112km long pipeline. This is positive for the company as the order inflow for 2QFY2011 was
disappointing at `1,030cr and this order further enhances the revenue visibility, taking the
outstanding order book to `29,171cr (3.2x FY2011E revenue).
The stock has been down (~50%) over the last 12 months, which we believe has brought it to
trough valuations given the company’s scale of operations and the opportunities that lie
ahead. Against this backdrop, we expect the stock to outperform over the medium to long
term. Hence, we maintain Buy on the stock with a Target Price of `153
India Equity Research Reports, IPO and Stock News Visit http://indiaer.blogspot.com/ for complete details �� ��
Punj Lloyd bags orders worth `645
Punj Lloyd has bagged three orders (two international and one domestic) aggregating to
`645cr. The first order worth `323cr from petroleum company Occidental Mukhaizna,
Oman involves EPC of a new water treatment plant. The second order for `271cr is from an
Indonesian oil company Pertamina for the construction of three well head platforms and
laying of offshore gas pipeline. The third contract from GAIL worth `51cr is for laying a
112km long pipeline. This is positive for the company as the order inflow for 2QFY2011 was
disappointing at `1,030cr and this order further enhances the revenue visibility, taking the
outstanding order book to `29,171cr (3.2x FY2011E revenue).
The stock has been down (~50%) over the last 12 months, which we believe has brought it to
trough valuations given the company’s scale of operations and the opportunities that lie
ahead. Against this backdrop, we expect the stock to outperform over the medium to long
term. Hence, we maintain Buy on the stock with a Target Price of `153
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