Report for Punj Lloyd

One can keep buying on Punj Lloyd with a price target of Rs 420. "For Q4FY08, Punj Lloyd’s (PLL) revenue increased 38% YoY to Rs 23.5 billion, while PAT was up 35% at Rs 1,194 million. EBIDTA margin was strong at 10.6% representing a 60bps YoY improvement. For the full year, revenue grew 51% to Rs 77.52 billion, of which process plants constituted bulk of the revenue at 36%. The other large contributions came from pipelines and infrastructure projects, which constitute 26% and 29% of total revenue respectively. PAT increased 82% to Rs 3.6 billion, including an extraordinary income of Rs 371 million. Adjusting for this, PAT increased 63% to Rs 3.2 billion."