Punj Lloyd Libya Impact, Maintain HOLD :: Emkay

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Punj Lloyd

Libya Impact, Maintain HOLD

HOLD

CMP: Rs 62                                       Target Price: Rs 91

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n     Punj Lloyd’s exposure to Libya stands at Rs98 bn or 35.4% of Dec’10 order backlog of Rs277.8 bn

n     No progress on Libyan orders worth Rs62 bn (placed on SEC) – fortunes for which always stood at abeyance

n     Commenced execution on projects worth Rs36 bn -  Punj Lloyd is cash positive to the tune of Rs2.65 bn

n     For FY12E, Libyan contribution at 4% of revenues and 18% of net profit - Maintain HOLD rating