Punj Lloyd Ltd has lowered its order backlog to Rs 21,398 crore against the earlier estimate of Rs 27,780 crore, a drop of almost 23 per cent.

The company said it had a total exposure of about Rs 9,000 crore in Libya, out of which about Rs 3,589 crore is being executed by the company.

So, Rs 3,589 crore of projects in Libya are being counted as a part of the total order book of Rs 21,398 crore, officials representing the company explained. The downward revision is on account of cancellation of projects in Libya, the company said.

“The order backlog in Libya has also been analysed, and it has been decided to remove the orders awarded to Sembawang Engineers and Constructors Pte Ltd (Sembawang), the subsidiary in Singapore, as these projects have been non-moving for over 12 months. With this, the order backlog stands revised to Rs 21,398 crore,” the company informed the BSE.

The company, however, added that when progress on these projects takes place, it shall restore them in the order backlog.

“Currently in Libya, oil and gas and infrastructure projects with an order backlog of Rs 3,589 crore are being executed by the company. These projects constitute approximately 16.77 per cent of revised order backlog,” the company said.

In view of the current political crisis and unrest prevailing in Libya, the company is evacuating employees.

On February 7, Punj Lloyd had said, “Strong order backlog stands at Rs 27,780 crore.”

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