PNC Infratech's (PNCL) Q4FY19 revenue surpassed expectations, scaling a new high of Rs 10.8bn (+54% YoY) fuelled by strong execution. Core EBITDA margins grew 30bps YoY to 14.1% and reported PAT was up 26% to Rs 1.4bn aided by a prior-period tax reversal of Rs 658mn. Better receivables and gross debt reduction were other key highlights. PNCL's Mar'19 order backlog stood at Rs 131.5bn and is ~93% executable. Post a stellar Q4, we upgrade FY20/...