Wednesday, August 4, 2010

Result Update: Punj Lloyd; Deceptive - But no negative surprises, Maintain 'Hold'; Target: Rs132

Result Update

 

Punj Lloyd

Reco: HOLD

CMP: Rs121

Target Price: Rs132

Deceptive - But no negative surprises, Maintain 'Hold'

·      Q1FY11 results below expectation - driven by lower revenue booking and cost overruns – revenues up 2% qoq to Rs17.3 bn and net loss of Rs306 mn

·      Order book down 8% qoq to Rs255.6 bn due to renegotiation and removal of few orders - Order inflows healthy at Rs33 bn

·      Ensus Bio-ethanol project achieves stabilization; ONGC Heera completed and commencement of work at Libya

·      Revise earnings by -43% (Rs4.6/Share) and -36% (Rs8.6/Share) Maintain HOLD with price target of Rs132/Share

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The information contained and provided on this Website provides Investment advice for the education of investors. The posts are an information service only. Recommendations, opinions or suggestions are given with the understanding that readers acting on this information assume all risks involved. We do not assume any responsibility or liability resulting from the use of such information, judgment and opinions for Trading or Investment purposes.
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