PNC Infratech Ltd. share price target

PNC Infratech (PNC) delivered strong 1QFY17 adjusted net profit beat, ~14% ahead of our estimates, aided by lower interest expense. Other income included ~Rs 140mn on account of interest charged on Rs 850mn loss funding loan given by PNC to its Ghaziabad - Aligarh SPV (cumulative impact from 1QFY16). Going forward, the quantum of other income is expected to reduce accordingly.

While 1QFY17 order inflow was Rs 780mn, PNC has won new orders worth Rs 13.7bn in 2QFY17E (incl. L1 of Rs 1.2bn). With a strong state/NHAI roads pipeline, PNC is well placed to achieve our FY17E guidance of Rs 47.2bn. Maintain BUY. Roll forward EPS to Sep-18E, Increase TP to Rs 144/sh.

For 4QFY2016, PNC Infratech (PNC) reported a top-line growth of 27.4% while the bottom-line grew by a substantial 250% yoy. The top-line growth was driven by strong execution across Agra-Firozabad and other road projects. Stronger execution and yoy decline in employee expenses led to a 31bp yoy expansion in the EBITDA margin to 12.5%. A 3..

PNC Infratech (PNC) reported strong 4QFY16 numbers, led by 12.9% higher-than-expected revenue. Adjusting for multiple one-offs/exceptional items, APAT grew 122% YoY.

ICICI Securities Ltd | Retail Equity Research PNC Infratech's (PNC) topline grew 27.4% YoY to | 585.1 crore led by better execution. It was above our estimate of | 489.1 crore...

Strong 27% yoy growth in topline, driven by pick-up in execution on Agra-Firozabad project topline beat our and consensus estimates by 12%. EBITDA margins at 13% (flat yoy and qoq) along expectations....

PNC Infratech (PNC) is a road-focused EPC player with a strong execution track record. It is on the cusp of a new growth phase as ~60% of NHAI?s upcoming bid pipeline is spread across PNC-dominated states, with UP alone contributing 32.6%. PNC?s approach is conservative (selective on BoT bids) and tightly focused on margins and cash flows in the EPC segment of the business.

Strong 35% yoy growth in topline, driven by pickup in execution on AgraFirozabad project;weexpectupgradetoconsensusestimates EBITDAmarginsat13%(flatqoq,down150bpsqoq).Marginsarelikelytoremaininthe...

PNC Infratech (PNC) reported a top-line and bottom-line growth of 45.1% and 43.4% yoy, respectively, for 2QFY2016. Top-line growth was driven by strong execution across Agra-Firozabad and other road projects. Higher dependency on sub-contracting led PNC to report 50bp yoy decline in its EBITDA margin to 11.7%, for the quarter. A 38.7% yoy EBITDA growth coupled with 55.3% decline in interest expenses led the PAT to grow by 43.4% yoy. PAT margin, at 6.6% for the quarter, was marginally down on a yoy basis. PNCs unexecuted order book as of 2QFY2016 stands at Rs3,578cr (order book to LTM sales ratio stands at 2.1x). One more BOT is expected to commence operation in FY2016 in addition to 3 already started in YTDFY2016. Management has indicated that it does not intend to add any new BOT projects in FY2016 unless a lucrative project in north India comes up within the ticket size of Rs500cr. As a result, we are of the view that PNCs consolidated D/E ratio would peak out in FY2017E. Outlook and Valuation: Considering the strong uptick in roads and highways EPC award activity especially in North India, where PNC has more comfort, and given its past track record and...

EBITDA margins fell to 13% in 2Q from exceptionally high levels last year (15.9% in 2QFY15duetohighershareofownBOTprojectsandlowerrawmaterialprices). 9 OrderbookwasRs35.8bn(2xbooktosales);Rs43.9bnincludingL1(2.5x)....