Punj Lloyd jumps after reporting turnaround in Q1

Punj Lloyd surged 3.52% to Rs 23.50 at 10:19 IST on BSE after the company reported consolidated net profit of Rs 40.41 crore in Q1 June 2013, as against net loss of Rs 13.37 crore in Q1 June 2012.

The Q1 result was announced after market hours on Friday, 2 August 2013.

Meanwhile, the S&P BSE Sensex was up 12.99 points or 0.07% at 19,177.01

On BSE, 3.81 lakh shares were traded in the counter as against average daily volume of 9.29 lakh shares in the past one quarter.

The stock hit a high of Rs 24.35 and a low of Rs 23.15 so far during the day. The stock had hit a 52-week high of Rs 64.10 on 9 January 2013. The stock had hit a record low of Rs 22.15 on 1 August 2013.

The stock had underperformed the market over the past one month till 2 August 2013, declining 37.12% compared with the Sensex's 1.54% fall. The scrip had also underperformed the market in past one quarter, falling 58% as against Sensex's 2.9% slide.

The small-cap company has equity capital of Rs 66.42 crore. Face value per share is Rs 2.

Punj Lloyd's consolidated net sales rose 10.8% to Rs 3000.26 crore in Q1 June 2013 over Q1 June 2012. Earnings before interest, taxation, depreciation and amortization (EBITDA) declined 1% to Rs 293 crore in Q1 June 2013 over Q1 June 2012.

The company said it has a strong order backlog of Rs 20868 crore. The Group's strategy has been to expand its footprint outside India and today over 65% of orders represent the growing regions of Middle East, Africa, and Asia Pacific. While revenues show a reasonable increase in challenging global macro environment, margins have been impacted due to financial charges and the depreciating rupee, Punj said. In the coming months, the group is actively looking at retiring high interest debt, Punj said in a statement.

The Punj Lloyd Group is a diversified international conglomerate offering engineering, procurement and construction (EPC) services in energy and infrastructure along with engineering and manufacturing capabilities in the defence sector.

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