Geojit's research report on PNC Infratech
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. PNC reported a strong revenue growth of 42% YoY in Q4FY21 (better than estimate) as project execution improved due to normalcy in operation post Covid. Order book (incl. L1) remains healthy at Rs16,000cr which is 3.3x FY21 revenue, provides revenue visibility for two to three years.
Growth in the order book and pick up in execution will drive earnings. We reiterate our Buy rating on the stock with a TP of Rs310 based on a P/E of 13x on FY23E EPS and BOT/HAM projects at 0.5xP/B.
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