JP Chalasani, Managing Director & Group CEO, Punj Lloyd Group said the company hopes to book new orders over USD 2 billion in FY15.
This year looks quite good for us. In the first two months itself, we booked over USD 800 million worth of work and more than a USD 1 billion orders are in the finalisation stage.
JP Chalasani
MD & Group CEO
Punj Lloyd Group
In an exclusive interview to CNBC-TV18's Shereen Bhan, JP Chalasani, Managing Director & Group CEO, Punj Lloyd Group said he was very bullish on the company's order book position going forward.
He said Punj Lloyd has already booked orders worth USD 800 million and he hoped to book new orders of more than USD 2 billion by August, for this financial year.
Moreover, the company's debt reduction plans are on track said Chalasani. The group has plans to monetise some of their non-core assets, which could be completed by second quarter, he added.
Chalasani also expects to see improvement in margins and revenues going forward
The Punj Lloyd shares saw an extraordinary gain in trade.
Below is the transcript of his interview with CNBC-TV18's Shereen Bhan where he spoke on the companies order book position, revenues, debt and margins
On order book
JP Chalasani, Managing Director & Group CEO, Punj Lloyd Group (cut in): This year looks quite good for us. In the first two months itself, we booked over USD 800 million worth of work and more than a USD 1 billion orders are in the finalisation stage. We expect these to come in in the next two months time. We already booked around USD 800 million and by August end I expect that we would have new orders in this financial year of more than USD 2 billion.
On debt
In relative terms it's not a large debt like many other companies you see in the country. Therefore, reduction of debt is an important aspect of this. There our target is that can we monetise some of our non-core assets – it's the activity under progress today. I see this happening in Q2 of this year. That would give us some reduction in debt.
On revenues
I expect the revenues also to go up. As far as the financial performance – its first time we had the negative EBITDA margin on this. It does happen for every single company at some point of time that when you look at some project simultaneously get hit on this and we also have been conservative this time when we looked at some of the claims that we had are not settled, so we said it is settled we keep it outside the profits to be booked. Therefore, we have reversed some of them and that's the major reason, nothing else why we had negative on this but I personally believe that having seen four-and-half months of the company I am absolutely confident that moving ahead this could be a great opportunity.
On margins
The company has been having 10 percent EBITDA margin on this and my expectation is that all the new projects we will have 10 plus on. Some of the new projects we are working has 15 percent plus margin on this but we have a mix of new and old but 10-15 percent is what we are looking at, anything less than 10 percent I look as we are stressed because 10 percent is what minimum I expect the margin we make this time.
Punj Lloyd stock price
On June 16, 2014, Punj Lloyd closed at Rs 46.20, up Rs 0.65, or 1.43 percent. The 52-week high of the share was Rs 51.40 and the 52-week low was Rs 20.25.
The company's trailing 12-month (TTM) EPS was at Rs 0.24 per share as per the quarter ended March 2014. The stock's price-to-earnings (P/E) ratio was 192.5. The latest book value of the company is Rs 116.11 per share. At current value, the price-to-book value of the company is 0.40.
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