Punj Lloyd plunged 10.83% or Rs 9.50 to close at Rs 78.20 on the NSE. It touched a 52-week low of Rs 77.10. It touched an intraday high of Rs 86.70 and an intraday low of Rs 77.10. It was trading with volumes of 13,192,509 shares. Its market capitalisation stands at Rs 2,596.99 crore. However, the share lost 55.99% in last one year.
Results:
The company has come out with its consolidated third quarter numbers. Its Q3 revenue was down 27.4% at Rs 2119 crore versus Rs 2918 crore, YoY. Its net loss was at Rs 62 crore versus net profit Rs 12 crore, YoY.
The company's EBITDA was at Rs 104 crore versus Rs 228 crore, YoY.
Order cancellations, deteriorating working capital intensity and concerns of failure in an arbitration proceeding are the factors working against the company.
Analysts had expected the company to continue to disappoint on the topline because of execution delays. The bottomline was also expected to take a hit owing to cost overruns.
It bagged new orders worth Rs 9238 crore during the current financial year i.e. FY2011, and its order backlog stands at Rs 27,780 crore.
What analyst says?
Sanjeev Prasad - Institutional Equities, Kotak Securities said, "If we have higher steel prices it will feed into lower margins to some extent. In Punj Lloyd execution has been a big challenge for them for some time and I don
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