PNC Infratech Ltd. share price target

Order book remains robust at Rs12,478cr which is 4.5x TTM revenue, provides improved visibility. We expect revenue to grow at a CAGR of 30% over FY18-21E as PNC achieved financial closure for 7 HAM projects and execution of four project is progressing well....

PNC's orderbook was at a strong | 7965 crore, providing strong visibility over the next two to three years. The company received financial closure for all its HAM projects, out of which, four are currently under execution as the appointed date was received for these projects. The remaining three HAM projects will commence construction work once the appointed date is received. These three projects (total bid project cost: | 4513 crore) have not yet been included in the orderbook. Also, the Nagpur-Mumbai HAM project (negotiated contract quoted price: | 1999.5 crore) has not...

Maintain BUY with reduced SOTP of Rs 305/sh vs. Rs 312/sh earlier. PNC 3QFY19 revenue came 16% below expectation at Rs 7.3bn, though it remains on course to meet its annual Rs 28bn guidance for FY19E. Margins remained steady YoY as estimated at 14% (+63bps improvement vs. the trailing monsoon quarter). High interest cost along with a 28.3% effective tax rate (full year FY19E tax rate now guided at ~21-24% vs 18-21% earlier) led to a 34% APAT miss.

PNC Infratech Ltd (PNC) is an Infrastructure construction, development and management company; expertise in execution of projects including highways, bridges, flyovers, airport runways, industrial areas and transmission lines. Robust revenue growth of 108% YoY in Q2FY19 led by strong execution of big ticket orders. However EBITDA margin declined by 143bps YoY to 13.4% due to higher RM cost & other expenses....

PNC Infratech's (PNC) revenues grew significantly by 108.0% YoY to | 558.6 crore in Q2FY19 led by strong execution. However, it was below our expectation of | 603.3 crore EBITDA margin contracted 142 bps YoY to 13.4% on account of higher raw material expenses (68.3% as percentage of revenues in Q2FY19 vs. 65.3% in Q2FY18) and in line with our estimate of 13.6% PAT grew robustly by 110.9% YoY to | 35.1 crore in Q2FY19, below our expectation of | 59.4 crore mainly on account of lower-thanexpected topline growth and higher tax rate of 21.6% in Q2FY19...

PNC has robust order book of Rs 149 bn (including HAM projects & new EPC projects of Rs 87.5 bn) which is over 8x its FY18 revenue, gives strong revenue growth visibility for the next 3-4 years. Further, the company is targeting to add another Rs 30-40 bn of new orders in H2Y19 from new expressways. PNC has guided for over 50% yoy growth in FY19E and 35% yoy growth in...

PNCL reported standalone revenues of Rs5.6bn, up 108% yoy. Revenues were lower than our estimates, but only marginally, supported by strong execution in its key projects. Reported PAT increased 110.8% yoy to Rs351mn, lower than our and Street estimates, on higher execution, offset by higher interest costs and tax rate. Encouraged by the strong order book and 1HFY19 performance, PNCL has raised its...

Continuation of strong execution to drive performance Revenue grew sharply by 108% YoY (3rd consecutive quarter of more than 100% growth) to `5.6 bn (3.4% above estimates) led by pick up in execution on key projects. EBITDA margins down 143 bps to 13.4% (24 bps below estimates). Reported PAT grew 110.8% YoY to `351 mn primarily led by better operating performance despite rise in interest expense and increase in tax rate to 21.6% vs. 11.3%. Adjusting for MAT credit, Adj. PAT grew 153.8% YoY to `321 mn (13.0% above estimates)....

PNC Infratech Ltd (PNC) is an Infrastructure construction, development and management company; expertise in execution of projects including highways, bridges, flyovers, airport runways, industrial areas and transmission lines. Q1FY19 revenue grew significantly by 106% YoY due to ramp up in execution of big ticket orders. Order book remains robust at Rs11,130cr which is 5x TTM revenue and provides improved visibility....

ICICI Securities Ltd | Retail Equity Research PNC Infratech (PNC) reported robust revenue growth of 106.2% YoY to | 735.5 crore (our estimate: | 605.4 crore) led by strong execution EBITDA margins expanded robustly by 300 bps YoY to 17.6% on account of bonus receipt of | 25.3 crore for early completion of RaeBareilly-Jaunpur project. Adjusting for this bonus, EBITDA margin was at 14.7%, still better than our estimate of 13.5% Net profit grew robustly by 243.2% YoY to | 102.5 crore (our expectation: | 46.4 crore) mainly on account of significant topline...