Sharekhan's research report on PNC Infratech
The company reported broadly in-line standalone revenues despite the period getting affected by extended monsoons. Adjusted OPM stayed in-line. Standalone net profit was up 60% y-o-y. Management lowered FY2023 revenue growth guidance to 10% due to extended monsoons while upped FY2024 to 15% with receipt of appointed dates for five out of seven HAM projects. OPM to stay at 13.3-13.5%. Order inflow target for FY2023 retained at Rs. 8000-10000 crore considering strong bid pipeline of Rs. 1.1 lakh crore before March 2023. Asset monetization continue to remain on anvil.
We retain a Buy on PNC Infratech Limited (PNC) with a revised PT of Rs. 390, rolling forward our valuation multiple to FY2025E earnings.
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