Punj Lloyd - Catalysts Missing; Maintain HOLD :Emkay

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Punj Lloyd

Catalysts Missing; Maintain HOLD

HOLD

CMP: Rs 56                                       Target Price: Rs 76

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n     Improved operational performance, But high financial leverage results in net loss of Rs123 mn – though better than estimates

n     Commencement of winding-up proceedings in subsidiary Simon Carves – No immediate financial implications

n     Status quo on pending arbitrations, further clarifies no one-offs in existing order backlog

n     Still running a tight ship - leveraged balance sheet, high working capital cycle and arbitrations unresolved – Maintain HOLD with revised target price of Rs76/Share