Sunday, May 30, 2010

PUNJ LLOYD - FY10 - LACKLUSTRE PEFORMANCE



Punj Lloyd
FY 10 vs FY 09
RESULTS

CONSOLIDATED RESULTS

Consolidated Net Sales has increased by 79.16 percent to Rs.10448 Crores from Rs.5832 Crores YOY.


Total Expenditure        has increased more than proportionately by 94.3 percent to Rs.10547 Crores from Rs.5429 crores.


There is an exceptional item in current year of Rs.(-)322 Cr.


The Consolidated Net loss (profit  has come down by 160.24 percent) is Rs.108.42 Crores in FY 10 against a profit of Rs.179.99 Crores last year.


Consequently, the consolidated Basic EPS is down to (-)3.37 from (+)5.78 last year.


At consolidated level, the results are therefore adverse this year, despite increase in sales.

FY 10(lakhs)
Diff%age
Net Sales
1044783
583157
79.16
Other OprtgIncome
9096
1285
607.86
SIT & WIP
-
-

Raw Materials
377010
200130
88.38
Traded goods
-
-

Employees Cost
134518
63714
111.13
Depreciation
22702
10550
115.18
Other Expdr
520517
268456
93.89
Total Expenditure
1054747
542850
94.3
Profit-Operations
-868
41592
-102.09
Other Income
1363
677
101.33
Interest
30632
15393
99
Exceptional items
-32236
-

Tax Expense
13725
9231
48.68
Net Profit
-11626
17645
-165.89
Minority Interest
167
-231
-172.29
Shares of Associates
-951
-123
673.17
Other Related Items
-
-

Consolidated NPT
-10842
17999
-160.24
Dividend (%)
-
-

Face Value (in Rs.)
2
2
0
Paid-up Equity
6642
6636
0.09
Reserves
295721
-

Basic EPS
-3.37
5.78
-158.3
Diluted EPS
-3.37
5.61
-160.07

STAND ALONE
RESULTS

The stand alone Net Sales has increased by 3.32 percent to Rs.7117 Cr in FY 10 from Rs.6888 Cr last year.


But, total Expenditure  has gone up more than proportionately by 9.55% to Rs.6865 Cr from Rs.6267 Cr YOY.


Helped by Exceptional items amounting to Rs.(-)311.09 Crores, the Net Profit has gone up by 14.42 percent to Rs.367.40 cr from last year’s Rs.321.10 Crores.


Consequently, the Basic EPS in FY 10 is Rs.11.42 compared to Rs.10.58in FY 09, on a face value of Rs.2.


Dividend (%) has come down to 7.5% from 15% YOY.


Performance on stand alone basis is also mediocre.


FY 10(lakhs)
Diff%age
Net Sales
711670
688795
3.32
Other OprtgIncome
8636
5769
49.7
Raw Materials
325324
238176
36.59
Employees Cost
70462
57459
22.63
Depreciation
13268
11948
11.05
Other Expenditure
277457
319073
-13.04
Total Expenditure
686511
626656
9.55
Profit Operations
33795
67908
-50.23
Other Income
2745
166
1553.61
Interest
26380
19428
35.78
Exceptional items
-31109
-832
3639.06
Tax Expense
4529
17368
-73.92
Net Profit
36740
32110
14.42
Dividend (%)
7.5
15
-50
Face Value (in Rs.)
2
2
0
Paid-up Equity
6642
6070
9.42
Reserves
350593
254326
37.85
Basic EPS(Rs.)
11.42
10.58
7.94
Diluted EPS(Rs.)
11.1
10.31
7.66


QUARTERLY RESULTS

The same trend is reflected in quarterly results.
Net Sales in Q4 is Rs.1214 Cr against Q3 sales of Rs.      2117 Cr - down by 42.64%. Compared to Q4 of FY 09, Q4 sales are down by 38.59%.
Total Expdr inQ4 compared to Q3 is - down by 22%, whereas the same is down by 20.3% compared to Q4 of FY 09.
Due to less than proportionate reduction in expenditure, the Net Profit in Q4 is Rs.        139.31 Cr, up from Rs.117.49 Cr in Q3 , an increase of 18.57%.But, compared to profit of Q4 of FY 09 of Rs.59.63 Cr, the Q4 of FY 10 profit is up by 133.62%.

Since Sales are down in all respects, the performance cannot be classified as good.


Exceptional Items7 -31109.00
Mar-10
Dec-09
Diff%age
Sep-09
Jun-09
Mar-09
Diff% 2
Net Sales
121413
211660
-42.64
185175
191817
197712
-38.59
Total Expdr
146883
188313
-22
173324
176719
184294
-20.3
Net Profit
13931
11749
18.57
4188
6872
5963
133.62
Dividend (%)
7.5
-

-
-
15
-50
Face Value
2
2
0
2
2
2
0
Pd Up Equity
6642
6641
0.02
6636
6070
6070
9.42
Basic EPS
4.2
3.54
18.64
1.34
2.26
1.96
114.29
Diluted EPS
4.08
3.44
18.6
1.31
2.21
1.91
113.61









ANNOUNCEMENTS
TO THE EXCHANGE

29-05-2010        Punj Lloyd Limited has informed the Exchange vide notes to Accounts in the audited results for the financial year ended March 31, 2010 (taken on record by the Board of Directors of the Company at its meeting held on May 28, 2010) that the auditors of the company in their report for the year ended March 31, 2010 have invited attention to deductions made/amount withheld by some customers aggregating to Rs. 5879 lacs and also work in progress inventory of Rs. 315 lacs. The Management is taking appropriate steps for recovery of these deductions/withheld amounts and believes that these amounts are fairly stated.


29-05-2010        Punj Lloyd Limited has informed the Exchange regarding the standalone Results for the year ended on 31-MAR-2010 as follows: Net Sales of Rs. 711670 lacs for year ending on 31-MAR-2010 against Rs. 688795 lacs for the year ending on 31-MAR-2009. Net Profit / (Loss) of Rs. 36740 lacs for the year ending on 31-MAR-2010 against Rs. 32110 lacs for the year ending on 31-MAR-2009.


29-05-2010        Punj Lloyd Limited has informed the Exchange regarding the standalone Results for the quarter ended on 31-MAR-2010 as follows: Net Sales of Rs. 121413 lacs for quarter ending on 31-MAR-2010 against Rs. 197712 lacs for the quarter ending on 31-MAR-2009. Net Profit / (Loss) of Rs. 13931 lacs for the quarter ending on 31-MAR-2010 against Rs. 5963 lacs for the quarter ending on 31-MAR-2009.   -


29-05-2010        Punj Lloyd Limited has informed the Exchange regarding the consolidated Results for the year ended on 31-MAR-2010 as follows: Net Sales of Rs. 1044783 lacs for year ending on 31-MAR-2010 against Rs. 1191203 lacs for the year ending on 31-MAR-2009. Net Profit / (Loss) of Rs. (10842) lacs for the year ending on 31-MAR-2010 against Rs. (22528) lacs for the year ending on 31-MAR-2009.    -


29-05-2010        Punj Lloyd Limited has informed the Exchange regarding the consolidated Results for the quarter ended on 31-MAR-2010 as follows: Net Sales of Rs. 170007 lacs for quarter ending on 31-MAR-2010 against Rs. 321726 lacs for the quarter ending on 31-MAR-2009. Net Profit / (Loss) of Rs. (30087) lacs for the quarter ending on 31-MAR-2010 against Rs. (25565) lacs for the quarter ending on 31-MAR-2009.


29-05-2010        Punj Lloyd Limited has informed the Exchange that the Board of Directors of the Company at its meeting held on May 28, 2010 has recommended a dividend of Re.0.15 per share.


12-05-2010        Punj Lloyd Limited has informed the Exchange regarding a press release dated May 12, 2010 , titled "Punj Lloyd Consortium wins project worth Rs. 2056 crore in Abu Dhabi".


07-05-2010        Punj Lloyd Limited has informed the Exchange that FIL Capital Management (Mauritius) Limited ("FIL") and Fidelity India Principals ("FIP", together with FIL, the "Investor") have acquired a significant minority stake in PL Engineering Limited (the "Company"), a subsidiary of Punj Lloyd Limited ("PLL"). PLE is engaged in the business of providing basic and detailed engineering services and engineering design consultancy services for projects and product designs in the energy, building, water, chemicals, automotive and infrastructure sectors.


30-04-2010        Punj Lloyd Limited has informed the Exchange regarding a press release dated April 30, 2010, titled "Punj Lloyd secures Rs.115 crore order from Ministry of Health and Family Welfare". A copy of the press release shall be available on the NSE website (http://www.nseindia.com) under: Corporates > Latest Announcements and on the Extranet Server (/Common/Corporate Announcements).


28-04-2010        Punj Lloyd Limited has informed the Exchange regarding a press release dated April 28, 2010, titled "Punj Lloyd bags Cuddalore refinery project from Nagarjuna Oil ". A copy of the press release shall be available on the NSE website (http://www.nseindia.com) under: Corporates > Latest Announcements and on the Extranet Server (/Common/Corporate Announcements).


12-04-2010        Punj Lloyd Limited has informed the Exchange that the Committee of Directors has in its meeting held on April 08, 2010 allotted 6000 equity shares of Rs.2 each to the eligible employees under ESOP 2005 and 3450 equity shares of Rs.2 each to the eligible employees under ESOP 2006 of the Company.


07-04-2010        Punj Lloyd Limited has informed the Exchange regarding a press release dated April 07, 2010, titled "Punj Lloyd wins India's largest Solar-based EPC contract for rural India". A copy of the press release shall be available on the NSE website (http://www.nseindia.com) under: Corporates > Latest Announcements and on the Extranet Server (/Common/Corporate Announcements).


06-04-2010        Punj Lloyd Limited has informed the Exchange regarding a press release dated April 06, 2010, titled "Punj Lloyd bags two Refinery Construction Projects". A copy of the press release shall be available on the NSE website (http://www.nseindia.com) under: Corporates > Latest Announcements and on the Extranet Server (/Common/Corporate Announcements).

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