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HDFC Securities Retail Research
PNC Infratech Ltd. is one of the key beneficiaries of increasing government focus on the greenfield expressway projects that National Highways Authority of India is focusing on by implementation on both engineering, procurement and construction and hybrid-annuity-model modes and Government's initiatives such as Bharatmala Pariyojana, Sagarmala, Atal Mission for Rejuvenation and Urban Transformation over next few years.
Its focus on margins and cash flow generation augurs well from a long-term perspective. Over the years, the company has transformed itself into one of the leading EPC contractors and has grown its order book and revenue at a healthy rate with good margins.
PNC Infratech has also calibrated diversification to continue the growth momentum, without assuming the concentration risk, leading to superior scalability and recognition.
Robust execution capabilities coupled with strong repository of asset base enabling efficient execution would reflect in strong revenue growth. PNC Infratech has strong financials and healthy balance sheet as compared to its peer companies which gives company a competitive advantage in bidding for new bulky projects.
Its continued focus on adding and diversifying project portfolio at healthy margins reinforces our positive view on the company.
We expect revenue/Ebitda/profit after tax to grow at a compound annual growth rate of 9%/11%/15.2% over FY22–25E.
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