Punj Lloyd Cluster: Apple Green Recommendation: Buy Price target: Rs532 Current market price: Rs288
Expanding foothold in Gulf
Punj Lloyd Ltd (PLL) has won an order to engineer, procure, install and commission a 211km pipeline with associated stations and infrastructure in Qatar. The contract is valued at Rs3,636 crore (US Dollar 800 million). This is the fourth engineering, procurement and construction order bagged by the company in Qatar alone. The Middle-East has been one of the key business markets for the company and 27% of its current order backlog constitutes of orders from this region. We believe the investments planned in the Gulf Cooperation Council (GCC) countries over 2006-12 spell a great opportunity for PLL. PLL's increased foothold in these geographies will further enhance the company's capability to win larger and more important projects in the GCC nations.
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