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ICICI Securities Report
PNC Infratech reported a 30% YoY decline in revenues in Q1 FY25. Adjusted margin came in at 12.1% and adjusted profit declined by 30%. Note that reported profit was aided by bonus and claims of Rs 4.4 billion.
Management highlighted that Q2 is also likely to be weak, as appointed date for a significant portion of the order book got delayed. As a result, management revised its guidance downwards for FY25 to a range of 0 to -10% YoY (from its earlier guidance of 15% growth YoY).Order inflow during the quarter stood at Rs 50 billion and book-to-bill ratio improved to 2.8 times.
We maintain 'Add' with a revised target price of Rs 520 (earlier Rs 581), valuing the engineering, procurement, and construction business at 12 times FY26E EPC earnings and hybrid annuity model assets at ~1.5 times equity invested at end-FY26E.
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