PNC Infratech Ltd (PNC) has reported good set of result for 4QFY19 with revenue of Rs10.8bn against our expectations of Rs9.1bn and adj. PAT of Rs740mn vs. expectation of Rs720mn. EBITDA margin at 14.1% was in line with our estimate of 14.0% whereas reported PAT was higher due to write back of excess tax provisions of earlier years. Revenue and EBITDA, adjusted for Rs582mn bonus received in 4QFY18 is up 54% and 47% respectively. The management has guided for 45-50% growth in FY20 along with Rs60-70bn of new order inflow. We have increased our EPS estimates for FY20 and FY21 substantially by 28% and 30% respectively to incorporate higher execution. Moreover, we have not factored in the...