PNC Infratech Ltd. share price target

We maintain BUY with SOTP based TP of Rs 322/sh. PNCL delivered robust 1QFY19 revenues of Rs 7.1bn with APAT beat of 9.7%. The run-rate translates to Rs 28bn revenue for FY19E. Currently execution is going on Rs 66.2bn backlog and with Rs 84bn of new orders moving into execution from Oct-18E, PNCL is well poised to surprise street positively.

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. Q4FY18 revenue grew significantly by 116% YoY due to ramp up in execution as big ticket orders moved to execution stage. Order book remains robust at Rs9,477cr which is 5.1x FY18 revenue and provides improved visibility....

PNC reported significant revenue growth of 118.8% YoY to | 758.9 crore (our expectation: | 662.0 crore) led by strong execution as it received appointed dates for several of its big ticket projects EBITDA margins expanded robustly by 770 bps YoY to 21.2% due to receipt of bonus (| 58 crore) for early completion of Agra Lucknow and price variation of projects (| 6.5 crore). Adjusting for this, EBITDA margin was 13.6%, in line with our estimate of 13.5% PAT grew robustly by 230.9% YoY to | 111.5 crore (our estimate:...

We maintain BUY with an increased SOTP of Rs 250/share (previous TP Rs 250/sh). PNCL delivered strong 4QFY18 adj. revenues of Rs 7.0bn (+99.4% YoY, +47.9% QoQ) as expected given the ~79.0bn of order book finally moved into execution. After adjusting for bonus, FY18 EPC EBITDA margins were encouraging at 14.4%. Toll/Annuity revenues grew 7.3% to Rs 5.7bn in FY18.

PNC Infratech (PNC), one of the largest EPC road constructors in India with more than INR 12,000 cr of order book (including L1) reported better than expected Q4FY18 results.

PNC Infra, primarily into road EPC and HAM shall behold spike in growth in revenue from Q4FY18E as appointed date for all projects (except ChakeriAllahabad HAM project) will be in place by Mar'18. Albeit, the revenue got impacted in FY17 (down 16.1%) and 9MFY18 (down 18%) with a delay in appointed date for many projects won in FY16 and FY17 which now is not a hindrance. The company will continue to focus on road sector and expect fresh order inflow of `50bn/ `80-100bn in Mar'18/ FY19, respectively given...

PNC Infratech (PNC), one of the largest EPC road constructors in India with more than INR 10,000 cr of order book reported its Q3FY18 results. After five quarters of consistent de-growth,...

ICICI Securities Ltd | Retail Equity Research PNC's revenues grew 2.5% YoY to |472.5 crore (our expectation: | 557.8 crore due to muted execution on account of delays in getting appointed dates for big ticket projects and GST adjustments EBITDA margins expanded robustly by 100 bps YoY to 14% and were in line with our expectation of 14% Net profit grew 18.1% YoY to | 90.6 crore (our expectation: | 50.3 crore) despite subdued sales mainly on account of higher EBITDA...

PNC Infratech (PNC), one of the largest EPC road constructors in India with more than INR 11,000 cr of order-book reported its Q2FY18 results. Topline de-grew by 25% YoY to INR 357 cr and...