Psl Holdings

Procedural delays in official clearances for pipeline projects of public sector oil units like IOC, BPCL and HPCL had affected PSL's performance. Its turnover and net profit for 1996-97 (based on first half results as it has extended its accounting period) fell short of its projections by about 60 per cent.

The company has, however, strengthened its operations by adding two more coating units. The edge in terms of having six mobile units enabled the company to execute two large projects -- a 350-km Vizag-Vijayawada corrosion protected pipeline for HPCL and a 170-km Mumbai-Manmad pipeline for BPCL.

PSL is likely to benefit from the deregulation process. Apart from the public sector refinery units like HPCL and BPCL which are setting up their own pipelines (Petronet project), even Reliance and Essar are firming up pipeline projects. PSL has already obtained a Rs 60 crore order for Reliance to be executed at its Jamnagar refinery in the current year.