ICICI Securities Ltd | Retail Equity Research PNC Infratech's (PNC) topline de-grew 11.1% YoY to | 463.7 crore (our expectation: | 506.2 crore) as five major projects (~74% of orderbook) witnessed a delay in appointment date for execution EBITDA margin expanded 63 bps YoY to 13% (our estimate: 12.9%) Net profit zoomed 2.4x YoY to | 76.7 crore on account of negative tax rate of 50.7% in Q3FY17 vs. 34.4% in Q3FY16). Hence, it was not comparable to our PAT estimate. However, PBT at | 50.9 crore was...