Conference Call with PNC Infratech Management and Analysts on Q4FY20 and Full Year Earnings Performance and Outlook. Listen to the full earnings transcript.
Key Highlights from Management
Q4 performance: Revenue of Rs. 1,158 crore in Q4 FY20 as compared to Rs. 1,076 crore in Q4 FY19. EBITDA of Rs. 156 crore in Q4 FY20 compared to Rs. 151 crore in Q4 FY19 EBITDA Margin of 13.5% in Q4 FY20. PAT (Before Extraordinary item) is Rs. 79 crore in Q4 FY20 compared to Rs. 73 crore in Q4 FY19.
Not expecting award of new business in this quarter. Right now activity is 75% of normal levels, and expect to resume full normalcy as labor returns post monsoon.
Net Working Capital Days of 57 days as compared to 91 days as on March 31, 2019.
The order book of Rs. 8,629 crore is the remaining value of contracts under execution as on March 31, 2020 (without considering the EPC value of recent new 4 HAM projects awarded & 1 project where appointed date is awaited). Not included in the order book: financial closure has been achieved here and we are awaiting appointed date for 4 laning of Challakere to Hariyur section of NH 150 A in the state of Karnataka under Bharatmala Pariyojna on HAM for a Bid Project Cost of Rs. 1,157 Crore with a EPC cost of Rs. 935 crores.
On the Ghaziabad Aligarh Road Project: The Company has entered into a Share Purchase Agreement (SPA) with Cube Highways and Infrastructure Pte. Ltd. for sale of 35% stake jointly held by the Company along with its wholly owned subsidiary, PNC Infra Holdings Limited in Ghaziabad Aligarh Expressway Private Limited on May 04, 2019, subject to applicable regulatory and other approvals and fulfilment of certain conditions by the Parties for closure of the deal within a total period of 12 months from the date of agreement.
However, the said SPA stood lapsed, as the validity of the SPA expired before the closure of the deal and the parties have decided not to extend the validity further. The Company along with its’ co-promotes is in the advanced stage of discussions with another prospective investor, who has evinced interest in the project asset, to move ahead in the process of divestment. The divestment will improve the financial and funding flexibility for PNC Infra.
