PNC Infratech Ltd. share price target

We maintain BUY with increased SOTP of Rs 203/share PNC Infratechs (PNCL) 2QFY18 revenue came in 18.6% below estimates, as only 29% of the order book was available for execution. With entire order backlog expected to start contributing revenue early 4QFY18E, the worst may be over for PNCL. The order backlog is robust ~Rs 111.5bn (6.5x FY18E revenue).

ICICI Securities Ltd | Retail Equity Research PNC Infratech (PNC) saw significant revenue de-growth of 24.7% YoY to | 268.6 crore (our estimate: | 351.7 crore) due to muted execution on account of delay in getting appointed dates and heavy monsoon EBITDA margins expanded robustly by 190 bps YoY to 14.8%. It was above our estimate of 12.9% on account of lower-than-expected raw material costs (65.7% in Q2FY18 vs. our expectation of 68.5%) PAT slumped 52.7% YoY to | 16.6 crore (our estimate: | 23.1 crore)...

other infrastructure activities. The Company's segments include EPC Contract and BOT Rating (Toll and Annuity). It offers end-to-end infrastructure implementation solutions that Current Level include engineering, procurement and construction (EPC) services. It implements projects on various Public-Private-Partnership (PPP) formats, including Design- Upside Potential BuildFinance-Operate-Transfer (DBFOT), OperateMaintain-Transfer (OMT) and Hybrid Target Period...

Maintain BUY, TP Rs 168/sh. PNC Infratech (PNC) delivered inline 1QFY18 performance. Despite Rs 86.5bn order backlog (4.2x - FY18E standalone revenue), Rs 16bn of projects are awaiting Appointed Date and Rs 36bn of HAM orders are undergoing financial closure. The revenue is weak on back of only 40% (RS 34.5bn) order backlog being under execution. Revenue should materially pickup from 4QFY18E.

PNC Infratech (PNC), one of the largest EPC road constructors in India with more than INR 9,000 cr of order-book reported its Q1FY18 results. Topline de-grew by 31% YoY to INR 357...

PNC Infratech (PNC) reported significant revenue de-growth of 30.7% YoY to | 356.7 crore (our estimate: | 407.2 crore) due to muted execution on account of delays in getting appointed dates EBITDA margins expanded robustly by 156 bps YoY to 14.6% as price variation worth | 5.2 crore in an older project was booked. Otherwise, margins were in line with our estimate of 13.1% Net profit de-grew significantly by 53.3% YoY to | 29.9 crore (our estimate: | 32.4 crore) despite lower effective tax rate (6.7% in...

PNC Infratech Q4FY17 results surprised us negatively as reported revenue is 27% below to estimates due to stall projects in the overall orderbacklog. EBITDA margins (13.5%) improved by 60...

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. Order book grew significantly by 72% YoY to Rs9,533cr (5.6x FY17...

ICICI Securities Ltd | Retail Equity Research PNC Infratech (PNC) reported significant revenue de-growth of 40.5% YoY to | 350.6 crore (our estimate: | 510.3 crore) due to muted...

PNC Infratech (PNCL) is a North India based infrastructure construction, development and management company with expertise in execution of projects, including highways bridges...