Punj Lloyd has bagged an EPC contract worth Rs18.7 bn (USD 387.08) from Housing and Infrastructure Board, Libya, for construction of utilities in 3 towns in Libya. The contract entails design, procurement, construction, installation and commissioning of roads, drinking water networks, sewage water & storm water systems, electrical and telecommunication works in the three towns of Zawara, Ragdaleen and Al Jamall. Tenure of the project is 48 months.
With the above order Punj Lloyd's order book has increased to Rs239.4 bn – equivalent to 2.0X FY09 revenues. Punj Lloyd has secured orders worth Rs34.4 bn in the infrastructure space in Q1FY10 – indicating some revival in flows. However, order inflow from the hydrocarbon sector (contributing over 60% of revenues) continues to witness postponement.
At the CMP of Rs 217, the stock is trading at 18.3x FY10E consolidated earnings of Rs11.7. In view of rich valuations, we maintain REDUCE rating on the stock with a price target of Rs140.
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