PNC Infratech Q4 Results Review - Outperforms Expectations: Nirmal Bang

"NDTV Profit’s special research section collates quality and in-depth equity and economy research reports from across India’s top brokerages, asset managers and research agencies. These reports offer NDTV Profit’s subscribers an opportunity to expand their understanding of companies, sectors and the economy..Nirmal Bang Report.PNC Infratech Ltd.'s Ebitda numbers deviated by ~86% from our estimates (actual/estimate: Rs 5,652 million/Rs 3,042 million) due to a decline in overall expenses. While the management expects an order inflow of Rs 80-100 billion, it has guided for a rather conservative 10% growth in revenue and lower Ebitda margin of 12-12.5% in FY25 vs 16% in FY24. The company is likely to spend ~Rs 1-1.2 billion in capex in FY25. The industry is hopeful that bidding and awarding activity will pick up after the conclusion of ongoing general elections and large number of projects would be awarded during FY25.The NHAI has floated 150+ projects with an aggregate value of Rs 1,500 billion and the company will participate for bidding in the projects worth Rs 100 billion. While we remain positive about the sector, the stock has climbed 25% since April 2024. We have increased the multiple from 12 times to 13 times - the highest in three years and five years. We have downgraded the stock to “Accumulate” and value it at a P/E of 13 times on FY26E EPS and built-operate-transfer/hybrid annuity model projects at 0.6 times price/book. .Click on the attachment to read the full report:m.Divi's Labs Q4 Results Review - Custom Synthesis Drives Earnings: Motilal Oswal.DISCLAIMERThis report is authored by an external party. NDTV Profit does not vouch for the accuracy of its contents nor is responsible for them in any way. The contents of this section do not constitute investment advice. For that you must always consult an expert based on your individual needs. The views expressed in the report are that of the author entity and do not represent the views of NDTV Profit..Users have no license to copy, modify, or distribute the content without permission of the Original Owner."

PNC Infratech Q4 Results Review - Outperforms Expectations: Nirmal Bang

As of March 31, 2024, the company's order book stood at Rs 155 billion, with Water & Canal projects contributing Rs 46 billion in FY24.

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PNC Infratech Q4 Results Review - Outperforms Expectations: Nirmal Bang

As of March 31, 2024, the company's order book stood at Rs 155 billion, with Water & Canal projects contributing Rs 46 billion in FY24.

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