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Punj Lloyd bags order worth `826cr from GSPC
Punj Lloyd has bagged a lump sum turnkey EPC contract from Gujarat State Petroleum
Corporation (GSPC) worth `826cr for a submarine pipeline project in an exploration block
on the east coast of India. The contract is expected to be completed by April 2013.
With this order, the company’s total outstanding order book stands at ~`25,199cr (3.1x
FY2011 revenue). Owing to the uncertainty over receivable claims and overhangs on the
stock because of lack of clarity on various issues (execution, margin and Libyan projects)
and slowdown in order inflow, we maintain our Neutral view on the stock.
India Equity Research Reports, IPO and Stock News
Visit http://indiaer.blogspot.com/ for complete details �� ��
Punj Lloyd bags order worth `826cr from GSPC
Punj Lloyd has bagged a lump sum turnkey EPC contract from Gujarat State Petroleum
Corporation (GSPC) worth `826cr for a submarine pipeline project in an exploration block
on the east coast of India. The contract is expected to be completed by April 2013.
With this order, the company’s total outstanding order book stands at ~`25,199cr (3.1x
FY2011 revenue). Owing to the uncertainty over receivable claims and overhangs on the
stock because of lack of clarity on various issues (execution, margin and Libyan projects)
and slowdown in order inflow, we maintain our Neutral view on the stock.
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