ICICI Securities Ltd | Retail Equity Research PNC Infratech (PNC) saw significant revenue de-growth of 24.7% YoY to | 268.6 crore (our estimate: | 351.7 crore) due to muted execution on account of delay in getting appointed dates and heavy monsoon EBITDA margins expanded robustly by 190 bps YoY to 14.8%. It was above our estimate of 12.9% on account of lower-than-expected raw material costs (65.7% in Q2FY18 vs. our expectation of 68.5%) PAT slumped 52.7% YoY to | 16.6 crore (our estimate: | 23.1 crore)...