Punj Lloyd 9M FY2007 revenue Rs. 34,861 million, Revenue more than double as compared to full FY 2006

• Consolidated Net Income of Rs 34,861 million for 9MFY07
• Consolidated EBITDA of Rs 2,667 million for 9MFY07
• Profit after Tax of Rs 1,080 million for 9MFY07
• Punj Lloyd Group order backlog of Rs 143,579 million as on 31/12/06.
• Sembawang E&C becomes 100% subsidiary of Punj Lloyd

-->This being the first year of listing, the figures for corresponding period are not available

New Delhi, January 29, 2007; Punj Lloyd Limited (PLL), a global EPC services provider in oil, gas and infrastructure domains, has recorded consolidated income of Rs 34,861 million and net profit of Rs 1,080 million for the first nine months of FY 07. This is as against consolidated income of Rs 17,166 million and net profit of Rs 540 million for FY 2005-06. The sharp growth in revenues has been driven by increased order book and by revenue contribution from Sembawang Engineers and Constructors, Singapore and its Subsidiary Simon Carves, UK. On a consolidated basis, EBITDA for 9MFY2007 improved to Rs. 2,667 million as against Rs 2,061 million for full fiscal 2005-06. The basic earnings per share (EPS) (not annualized) for 9MFY2007 stood at Rs 20.68.

For Q3FY07 Punj Lloyd has recorded consolidated income of Rs 14,635 million and net profit of Rs 483 million. On a consolidated basis, EBITDA for Q3FY2007 stood at Rs 1,133 million. The basic earnings per share (EPS) (not annualized) for Q3FY2007 stood at Rs 9.25.

Commenting on the Company's performance for 9M & Q3FY07, Mr Atul Punj, Chairman, Punj Lloyd Ltd., said, " The benefits of Sembawang acquisition have started flowing in with the group winning a prestigious US$290 million order from ONGC. The acquisition helped us meet ONGC's stringent pre-qualification criteria. A whole new gamut of opportunities have opened for the Group, which were hitherto not coming our way due to prequalification criteria. A complete portfolio of EPC solutions with airports, jetties, MRT/LRT, tunneling, sewerage amongst others as our capabilities in infrastructure domain would help us improve our order book and improve our profitability. The average ticket size of the orders is on the rise, implying sufficient execution capability with available resources."

Order book update

As on December 31, 2006, Punj Lloyd Group had an order backlog of Rs 143,579 million compared to Rs 46,268 million as on December 31, 2005. This is the total value of unexecuted orders as on the corresponding date. The expansion in order book has been led by multiple contracts won by the Group over the past few months.

The average ticket size of the orders now stands at Rs 2,565 million as against Rs 1,521 million a year ago.

In terms of geographical contribution, the Company's current order backlog comprises of 45% domestic contracts and 55% international contracts, with 68% of the backlog being related to projects to be executed in South/ South East Asia, 26% in the Middle East and Africa and 6% in the rest of the World.

From the application perspective, of the Company's total backlog on 31 December 2006, 15% represents petrochemicals; 54% represents oil and gas and 31% represents civil, infrastructure and power.

During Q3FY2007, the Company procured several new contracts including Heera Redevelopment Project on an EPC basis from Oil & Natural Gas Corporation Limited (ONGC) for an approx consideration of Rs 12,887 million, contract by Horizon Terminals Limited, U.A.E., a large contract for construction of a LDPE plant in Thailand, an EPC order worth Rs 8,030 million for the Doha Urban Pipeline Relocations Projects (DUPRP) from Qatar Petroleum and contracts for IOC's Refinery project valued at Rs 13,432 million.

Source : Equity Bulls

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