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Buy PNC Infratech; target of Rs 294: Hem Securities

Hem Securities is bullish on PNC Infratech has recommended buy rating on the stock with a target price of Rs 294 in its research report dated June 15, 2022.

June 17, 2022 / 02:01 PM IST
The research firm ICICI Securities believes earnings of apparel brands and retail companies under their coverage may surprise positively from Q3FY22E as the likely demand recovery may result in better than expected margin performance. Some of the costs savings achieved during pandemic may sustain and coupled with high operating leverage may lead to higher than pre-covid margins from Q3FY22E.  Stocks like Trent, V-Mart and Aditya Birla Fashion and Retail are the preferred picks backed by their strong and consistent track record of execution.

The research firm ICICI Securities believes earnings of apparel brands and retail companies under their coverage may surprise positively from Q3FY22E as the likely demand recovery may result in better than expected margin performance. Some of the costs savings achieved during pandemic may sustain and coupled with high operating leverage may lead to higher than pre-covid margins from Q3FY22E.  Stocks like Trent, V-Mart and Aditya Birla Fashion and Retail are the preferred picks backed by their strong and consistent track record of execution.

 
 
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Hem Securities report on PNC Infratech


PNC Infratech Ltd Q4 FY22 consolidated revenues came in at ₹2,226 Cr, up by 19.40% YoY and 29.26% QoQ. Op Profit for Q4FY22 stood at ₹480 Cr, up by 14.28% YoY and 47.69% QoQ. Op margins for Q4FY22 came at 22%, -100bps YoY and +300bps QoQ. PAT for Q4FY22 stood at ₹247 Cr, up by 64.66% YoY and 197.5% QoQ.



Outlook


We give a “BUY” rating on the stock and value the stock at 10x of FY24E earnings to arrive at a target price of Rs. 294.

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 At 13:58 hrs PNC Infratech was quoting at Rs 229.50, down Rs 3.30, or 1.42 percent.


It has touched an intraday high of Rs 232.80 and an intraday low of Rs 221.60.


It was trading with volumes of 12,731 shares, compared to its thirty day average of 27,918 shares, a decrease of -54.40 percent.


In the previous trading session, the share closed down 2.06 percent or Rs 4.90 at Rs 232.80.


The share touched its 52-week high Rs 395.55 and 52-week low Rs 226.90 on 13 October, 2021 and 11 May, 2022, respectively.


Currently, it is trading 41.98 percent below its 52-week high and 1.15 percent above its 52-week low.


Market capitalisation stands at Rs 5,887.57 crore.


For all recommendations report, click here


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first published: Jun 17, 2022 02:01 pm
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