Punj Lloyd bags Rs 1,270 cr expressway project in Yemen

With this new order, the group's order backlog stands at Rs 23,376 crore.

Diversified group  Punj Lloyd has bagged a Rs 1,270-crore order for construction of 42-km expressway in Yemen.

"The company has bagged this project from the Ministry of Public Works & Highways, Republic of Yemen, and is valued at Rs 1,270 crore (USD 211.41 million approximately)," Punj Lloyd said in a statement on Tuesday.

It is being funded by Saudi Development Fund (SDF). Located 60 km from the port city of Aden, the scope of work for this project comprises construction of 210 lane-km new carriageway greenfield project, the statement said.

Lane-km is used to describe the length of roads.

The work involves excavation of over 10 million cubic metre, road paving, surface sealing, two major concrete overpass bridges and associated infrastructure work.

"This is the first major expressway project for Punj Lloyd in the Middle East. This is an excellent opportunity for us to showcase our construction expertise in the Middle East market," Pardeep Tandon, President & CEO, Buildings & Infrastructure, MEA & CIS, Punj Lloyd, said.

Yemen is also a repeat country for Punj Lloyd which has already executed work on the offsites and utilities of the prestigious Yemen LNG project, the statement added.

With this new order, the group's order backlog stands at Rs 23,376 crore.

The order backlog is the value of unexecuted orders on December 31, 2013, plus new orders received after that date.

Punj Lloyd stock price

On May 06, 2014, Punj Lloyd closed at Rs 29.75, up Rs 0.80, or 2.76 percent. The 52-week high of the share was Rs 57.80 and the 52-week low was Rs 20.25.

The company's trailing 12-month (TTM) EPS was at Rs 0.38 per share as per the quarter ended December 2013. The stock's price-to-earnings (P/E) ratio was 78.29. The latest book value of the company is Rs 115.88 per share. At current value, the price-to-book value of the company is 0.26.

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