ICICI Securities Ltd | Retail Equity Research PNC Infratech's (PNC) topline de-grew 23.3% YoY to | 359.9 crore (our expectation: | 489.3 crore) due to muted execution amid heavy monsoon & delay in receiving appointed dates for few EPC projects EBITDA margin reduced 10 bps YoY to 12.9% (our estimate: 13.0%) Net profit grew by 15.4% YoY to | 35.2 crore. However, it was below our expectation of | 48.0 crore mainly on account of dismal topline performance & higher than expected interest expenses...