• Q4FY12 consolidated sales of Punj Lloyd
are up by 37% yoy to Rs.3011 crore, better than our estimate of Rs2724
crore on account of better execution in domestic projects pertaining to
oil & gas and power sector.
• The OPM was in line at 7.6% vs 3.4% in Q4FY11 and 5.3% in Q3FY12. The withdrawal of financial support to Simon Carves (now in administration) has helped company retain back its efficiency which is well reflected in the OPM.
•In spite of robust top line growth and huge margin expansion PAT before minority and JV profits grew by just 12% to Rs.20.7 crore due to a high interest charges which have surged almost 89% yoy and 36% qoq. However it was much above our expectation due to better than estimated revenue, lower depreciation, higher other income and lower tax outgo. PAT after minority interest and share of profit of Associates/JVs stood at Rs9 crore, down 49% YoY.
• For full year, sales were up 32% yoy to Rs.10,331 crore (slightly above estimates) led by pick up in execution across projects. Margins too witnessed a huge expansion from 3.9% in FY11 to 7% in FY12 (as expected). However the reported PAT came in better than expectation at Rs.91 crore led by a high other income and substantially high exceptional items.
•Resource mobilisation continues at Libya. Execution of upstream and oil and gas projects expected to resume shortly
•Punj declared dividend of 7.5%.
•Reduction in Auditor qualifications with regard to non-accounting of liquidation damages on Heera project from Rs65 crore to Rs7 crore
•Order book stands at Rs27,296 crore, 2.6x its FY12 revenues. Order inflow for full year was recorded at Rs.13,817 crore versus Rs.9,978 crore
....more info
• The OPM was in line at 7.6% vs 3.4% in Q4FY11 and 5.3% in Q3FY12. The withdrawal of financial support to Simon Carves (now in administration) has helped company retain back its efficiency which is well reflected in the OPM.
•In spite of robust top line growth and huge margin expansion PAT before minority and JV profits grew by just 12% to Rs.20.7 crore due to a high interest charges which have surged almost 89% yoy and 36% qoq. However it was much above our expectation due to better than estimated revenue, lower depreciation, higher other income and lower tax outgo. PAT after minority interest and share of profit of Associates/JVs stood at Rs9 crore, down 49% YoY.
• For full year, sales were up 32% yoy to Rs.10,331 crore (slightly above estimates) led by pick up in execution across projects. Margins too witnessed a huge expansion from 3.9% in FY11 to 7% in FY12 (as expected). However the reported PAT came in better than expectation at Rs.91 crore led by a high other income and substantially high exceptional items.
•Resource mobilisation continues at Libya. Execution of upstream and oil and gas projects expected to resume shortly
•Punj declared dividend of 7.5%.
•Reduction in Auditor qualifications with regard to non-accounting of liquidation damages on Heera project from Rs65 crore to Rs7 crore
•Order book stands at Rs27,296 crore, 2.6x its FY12 revenues. Order inflow for full year was recorded at Rs.13,817 crore versus Rs.9,978 crore
| Rs cr | Q4FY12 | Q4FY11 | YoY % | Q3FY12 | QoQ % |
| Revenue | 3,010.90 | 2,192.10 | 37.30% | 2,694.40 | 11.70% |
| Total Expenditure | 2,782.90 | 2,117.90 | 31.40% | 2,551.00 | 9.10% |
| EBITDA | 228 | 74.2 | 207.20% | 143.5 | 58.90% |
| Depreciation | 69.8 | 69.9 | -0.10% | 89.2 | -21.70% |
| EBIT | 158.1 | 4.3 | 3560.00% | 54.3 | 191.20% |
| Other Income | 44.3 | 139.5 | -68.20% | 25.7 | 72.40% |
| Interest | 186.8 | 98.9 | 88.80% | 137.2 | 36.20% |
| PBT | 15.6 | 44.9 | -65.30% | -57.2 | -127.30% |
| Tax | -5.1 | 26.5 | -119.20% | 32.6 | -115.60% |
| PAT | 20.7 | 18.5 | 12.00% | -89.8 | -123.00% |
| PAT after minority interest and share of profit of Associates/JVs | 9 | 17.7 | -48.90% | -94.2 | -109.60% |
| Reported PAT (including extraordinary item) | 9 | 17.7 | -48.90% | 70.3 | -87.20% |
| Adj EPS | 0.3 | 0.5 | -48.90% | -2.8 | -109.60% |
| OPM | 7.60% | 3.40% | 5.30% | ||
| NPM | 0.30% | 0.80% | -3.50% |