Punj Lloyd's 49:51 JV, Dayim Punj Lloyd has bagged an EPC contract worth Rs12.1 bn (USD 246.8 mn) for construction of Port Tank Farm from Jubail Export Refinery (JV between Saudi Aramco and Total of France). The order entails engineering, procurement and construction of a port tank farm comprising tank farm, vapour recovery system, transfer pipelines, air and sewer system, emergency diesel generator, port operation building and loading facilities.
Punj Lloyd's share in the above order is Rs5.9 bn. This is the second order bagged by the JV – first being a Rs1.6 bn order received from Saudi Kayan Petrochemical Co.
With the above order Punj Lloyd's order book has increased to Rs245.3 bn – equivalent to 2.1X FY09 revenues. Punj Lloyd has bagged orders worth Rs46.5 bn in Q1FY10 as against Rs54.1 bn orders bagged during Q1FY09.
At the CMP of Rs 210, the stock is trading at 16.9x FY10E consolidated earnings of Rs12.4. In view of rich valuations, we maintain REDUCE rating on the stock with a price target of Rs140.
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