Q1FY22 Snapshot: PNCL revenue increased by 38% YoY at Rs13bn. EBITDA was up by 47% YoY with EBITDA margin of 14.0% vs 13.2% YoY. PAT stood at Rs0.9bn (up 55% YoY) led by EBITDA increase and lower interest. PNCL targets FY22 revenue at 20% YoY with EBITDA margin at ~13.5-14%. FY22 Tax to be at 28.5%. Focus shift back to road sector: Q1FY21 Order book at Rs121bn (equals 2x TTM Revenue) comprises of roads at 90% and water and Irrigation projects at 10%. But going ahead, PNCL is focusing more on road sector and looking to stabiles the existing order win in water supply and irrigation. In Q1FY22, order inflow is Rs17bn and for...