Dolat Capital: PNC Infratech Q1 Review - Receiving Appointed Date Crucial For Growth  

BQ Blue's special research section collates quality and in-depth equity and economy research reports from across India's top brokerages. These reports offer BloombergQuint's subscribers an opportunity to expand their understanding of companies, sectors and the economy.

Dolat Capital Report

PNC Infratech Ltd. reported results above estimates on all fronts. The Company posted 31.5%/ 33.3%/ 40.0% YoY de-growth in revenue/ Ebitda/adjusted profit after tax to Rs 9.1 billion/ Rs 1.2 billion/ Rs 601 million in Q1 FY21.

The company is currently operating with 90% strength. We broadly maintain our estimates for FY21E/ FY22E factoring Q1 FY21 results.

We expect healthy revenue/ adjusted profit after tax compound annual growth rate of 9.1%/ 9.6% over FY20-22E.

Moreover, revenue/ adjusted profit after tax growth significantly slows down to 0.1%/ - 9.8% in FY21E due to lockdown impact and jumps back to revenue/ adjusted profit after tax growth of 19.0%/ 33.3% in FY22E driven by stabilization of labour and supply chain issues coupled with execution from four hybrid annuity model (HAM)/ two engineering, procurement, construction (EPC) projects where appointed date is expected in January 2021/ October 2020.

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