Friday, July 11, 2008

Punj Lloyd (PLL)

PLL is the 2nd largest Engineering and Construction (E&C) company in India providing integrated design, engineering, procurement, construction and project management services for energy and infrastructure sector projects with operations spread across many regions in Middle East, Caspian, Asia Pacific, Africa and South Asia. Its services include laying pipelines, building roads, construction of refineries & tankages, power plants and other infrastructure facilities. PLL is aggressively expanding its business offerings and spreading its reach in newer markets thru inorganic and organic route. Further a vibrant domestic infrastructure, ongoing global energy capes and rising industrial capex poise for higher growth.

In FY 2007, PLL acquired 100% stake in Sembawang Engineering & Construction (SEC) - Singapore, to scale up its global presence as well as expertise in upstream oil & gas, airports, jetties, MRT / LRT and tunneling amongst others, in infrastructure domain, pre-qualifying PLL for larger and more complex project bids. Simon Carves (SC) is 100% subsidiary of SEC specializing in design, engineering and construction of manufacturing plants for Pharma, Petrochemicals downstream products and Industrial chemicals such as Sulphuric Acid, etc.

PLL has also entered into joint ventures with Saudi Arabia (for on shore & off shore projects), Germany (developing innovative insulation solutions) and with Swissport International (for foraying into aviation sector in India), all of which will further enhance its scale and competitive position globally.

Company has acquired 22.23% stake in Pipavav Shipyard. As PLL also works as EPC contractor in exploration & production of oil & gas area, it would gain access to facilities at Pipavav Shipyard for fabrication of vessels for petrochemicals and refineries. Growth in shipyard industry is expected to be over 30% p.a. in next few years. To finance this acquisition, company has placed 2.96 crore shares at Rs 275/- each with private equity funds aggregating Rs 814 crore. Post placement, equity capital has increased to Rs 58.18 crore (Rs 52.25 crore).

It has also signed MOU with Ramprastha group for development of large real estate projects in National Capital Region, where it can leverage Sembawang’s expertise in master planning, design and construction of residential complexes & townships and use advanced integrated pre-cast systems for faster project execution.

In FY 2008, Punj Lloyd Upstream (PLUL) was incorporated for providing on-shore integrated drilling services to exploration & production companies in domestic oil & gas sector. Drilling requirements under NELP coupled with high crude oil prices have resulted in substantial increase in requirements of Integrated Drilling Services (IDS). The new subsidiary will address huge demand : supply gap with deployment of two onshore drillings rigs by early 2008 and fleet shall be periodically increased for PLUL to become a significant player in IDS space.© Punj has acquired 74% stake in UK firm Technodyne International, a specialist engineering, design and consultancy company specializing in large scale cryogenic and high pressure tanks. With projects executed across the world, Technodyne carries out basic design & detailed engineering for complete steel and steel plus concrete tanks including associated piping, instrumentation and electrical systems. Technodyne also has track record in designing of test rigs. Acquired capabilities enable Punj Group to provide end-to-end solutions for complete delivery of complex cryogenic, high pressure LNG, LPG, ethylene, ammonia and other similar storage tanks, significant growth area in Oil & Gas sector. The capabilities will also be leveraged for design of refinery and petrochemical projects.For FY 2008, consolidated turnover was Rs 7,753 crore (+ 51.2%). OPM% expanded to 8.26% (7.3%). Consequently, PAT shot up by 82% to Rs 358.42 crore. Going ahead outlook continues to be strong driven by robust order book at Rs 19,596 crore as on May 30, 2008 and group’s strong presence in key geographies especially Asia and Middle East.


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