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Punj Lloyd’s consolidated income at Rs1,777 cr


Punj Lloyd Group has announced its financial results for the fourth quarter and year ended 31 March 2010. Speaking on the performance of the Group for Q4 & FY2010, Atul Punj, Chairman, Punj Lloyd Group, said, "We’ve seen good traction in order inflow from most of our business verticals during the quarter under review. Our order book continues to be robust at Rs. 27,770 crore which is 2.64 times of our FY10 revenues.

Some of our large wins include India’s largest solar-based EPC contract as well as two projects from Mangalore Refinery. We’ve also won some good orders in the infrastructure space. Our results for the quarter and year under review were significantly impacted by cost over runs on few projects.
While we are speaking with some of the clients with regard to a waiver or reduction of these amounts, we have also, over the year worked on strengthening our risk mechanisms and streamlined our operations. We have also completed repayment of all loans and outstanding of Simon Carves UK.
The results of our initiatives enhance my confidence in our capabilities and strengths. I believe Punj Lloyd is well positioned to leverage the considerable opportunities in the infrastructure and hydrocarbons business."

Update on Simon Carves Limited UK: Simon Carves Limited has successfully commissioned the Bio-ethanol project for Ensus Limited in UK. Simon Carves is
expected to undergo a slow turnaround during the year. The Company presently has two EPC orders; namely PTT Thailand project and an Aluminium Fluoride
project in Abu Dhabi which are being executed smoothly.
Simon Carves will now concentrate and work as an engineering company focusing on engineering for petrochemicals, biofuels and nuclear segments. It will not execute any projects on LSTK – EPC basis. Any such opportunity will be taken forward by Punj Lloyd. As of now, all outstanding loans for Simon Carves have been repaid.

Stake sale in Pipavav Shipyard: Punj Lloyd Group sold its entire stake of 19.43 % in Pipavav Shipyard (PSL) to the Company’s co-promoter, SKIL Infrastructure, for Rs 6,564 million through an inter-se promoter transfer. Punj Lloyd had acquired the equity in the company for an investment of Rs 3,493 million two years ago. On this transaction, the Company has made profits of Rs 3,071 million. The proceeds from this stake sale has been used for retiring short term and long term debt.

Some prestigious orders won:
The financial year 2009-10 was significant for the Group, a step ahead in the Punj Lloyd’s aim to be among the top five EPC companies in the segments and markets it serves by 2012. As on 28 May 2010, Punj Lloyd Group has a healthy order backlog of Rs. 27,770 Crore.

Secured infrastructure contracts worth Rs 1,873.18 crore (US $ 387.08 million) for utilities in Libya.
Consortium won an EPC contract for the Shah Gas Development project in Abu Dhabi in consortium with Technicas Reunidas of Spain worth Rs. 2,056 crore (US$462 million) in Abu Dhabi.
Bagged India’s largest Solar-based EPC contract for rural India worth Rs 232 crore for turnkey implementation of 850 Solar-Powered Water Treatment Plants for removal of arsenic and flouride across multiple districts in Bihar.
Won an EPC contract of over Rs 1,100 crore from GMR Hyderabad Vijayawada Expressways Private Limited for 116.5 km of National Highway No 9.
Won its first offshore project in Thailand. The contract, valued at Rs 574 crore, was secured from PTT Public Company Limited, a Thailand state-owned oil & gas major and one of the largest corporations in Thailand listed in the Fortune Global 500 companies.

Standalone Results
Annual Results –
(All comparisons with FY2009)
• Total income of Rs. 7,203 Crore
• EBIDTA at Rs 471 Crore in FY2010 compared to Rs.762 Crore
• PBT at Rs 413 Crore in FY2010 compared to Rs.495 Crore
• Profit after Tax at Rs 367 Crore, as compared to profit of Rs. 321 Crore
• Basic EPS for FY2010 was Rs. 11.42

Q4 FY2010 performance overview:
(All comparisons with Q4 FY2009)
• Punj Lloyd Ltd’s revenues for Q4 FY2010 stood at 1,296 Crore
• EBIDTA at Rs. (138) Crore compared to Rs. 170 Crore
• PBT at Rs. 75 Crore compared to Rs. 72 Crore
• Profit after Tax at Rs. 139 Crore compared to profit of Rs. 60 Crore
• Basic EPS for the Q4FY2010 was Rs. 4.20

Consolidated Results
Annual Consolidated Results –
(All comparisons with FY2009)
• Consolidated total income of Rs. 10,539 Crore
• EBIDTA at Rs 218 Crore in FY2010 compared to Rs. 374 Crore
• PBT at Rs. 21 Crore compared to Rs. 1 Crore
• PAT (Loss after Tax) at Rs (108) Crore, as compared to Rs. (225) Crore
• Basic EPS for FY2010 was Rs. (3.37)

Consolidated Q4 FY2010 performance overview:
(All comparisons with Q4 FY2009)
• Punj Lloyd’s Group consolidated revenues for Q4 FY2010 stood at Rs. 1,777 Crore
• EBIDTA at Rs. (515) Crore compared to Rs. (63) Crore
• PBT at Rs. (334) Crore compared to Rs. (187) Crore
• PAT (Loss after Tax) at Rs. (301) Crore compared to Rs. (256) Crore
• Basic EPS for the quarter under review was Rs. (9.06)
• 72% of the total income for the Group was derived from international/ domestic operations

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