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ICICI Direct Report
PNC Infratech Ltd.'s numbers were largely in line with our estimates.
Order book at the end of Q1 FY22 was at Rs 12,095 crore.
However, this order book excludes water and irrigation projects worth Rs 3,427 crore wherein the execution is yet to be started.
Including these projects, the order book is robust at ~Rs 15,520 crore and provides revenue visibility over the next three years.
The order book is well diversified with hybrid annuity model, engineering, procurement and construction, water and irrigation forming 57%, 33%, 10%, respectively.
We expect execution to stay robust with appointed date received for all road projects coupled with likely pick-in execution in water/irrigation projects.
We highlight that PNC Infratech has guided for ~20-25% revenues growth in FY22 and margins in the range of 13.5-14%.
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