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Last Updated : Jun 30, 2020 01:33 PM IST | Source: Moneycontrol.com

Buy PNC Infratech; target of Rs 175: ICICI Direct

ICICI Direct is bullish on PNC Infratech recommended buy rating on the stock with a target price of Rs 175 in its research report dated June 28, 2020.

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ICICI Direct's research report on PNC Infratech


PNC Infratech (PNC) reported a resilient Q4FY20 operating performance. Revenues grew 7.6% YoY to Rs 1157.9 crore in Q4FY20. EBITDA margins at 13.5%, down 55 bps YoY, were better than our estimate of 13%. PAT came in at Rs 76.1 crore (down 45.6% YoY) vs. expectation of Rs 58.5 crore, with beat led by superior EBITDA. The decline in PAT on a YoY basis, was largely owing to ~Rs 66 crore reversal of tax paid in earlier years, in the base quarter (Q4FY19). On a PBT basis, the decline was modest 6.5% YoY.



Outlook


Hence, we maintain our BUY rating on the stock with a revised SoTP target price of Rs 175/share. We value its construction business at Rs 137/share (at 4.5x FY22E EV/EBITDA implying 8.5x FY22 EPS).





For all recommendations report, click here


Disclaimer: The views and investment tips expressed by investment experts/broking houses/rating agencies on moneycontrol.com are their own, and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.

First Published on Jun 30, 2020 01:33 pm
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