Maintain BUY, TP Rs 168/sh. PNC Infratech (PNC) delivered inline 1QFY18 performance. Despite Rs 86.5bn order backlog (4.2x - FY18E standalone revenue), Rs 16bn of projects are awaiting Appointed Date and Rs 36bn of HAM orders are undergoing financial closure. The revenue is weak on back of only 40% (RS 34.5bn) order backlog being under execution. Revenue should materially pickup from 4QFY18E.