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IDBI Capital Report
PNC Infratech Ltd.'s Q2 FY23 profit after tax missed our estimates by ~20%. Miss was on account of lower execution (revenue at down 3% YoY) due to extended monsoon. On the back of this, company also revised its revenue growth guidance to 10-15% versus earlier at 15% plus.
Ebitda margin is expected to be maintained at 13.5%.
Order book is healthy at Rs 193 billion (equals three times FY22 revenue) including seven hybrid annuity model projects where appointed date is pending.
Stock catalyst is receipt of appointed date for HAM projects as executable order book is 61% of total order book and conclusion asset monetisation, where equity of Rs 9 billion is invested by PNC Infratech till date.
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