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Dolat Capital Report
PNC Infratech Ltd.'s results beats estimates on all fronts.
PNC Infratech posted 53.3%/ 56.0%/ 95.4% YoY growth in revenue/ Ebitda/ adjusted profit after tax to Rs 16.2 billion/ Rs 2.2 billion/ Rs 1.4 billion in Q2 FY22.
We maintain estimates for FY22E/ FY23E factoring H1 FY22 results and introduce FY24E.
We expect strong revenue/ adjusted profit after tax compound annual growth rate of 18.2%/ 22.9% over FY21- 24E.
Post-tepid growth in FY21, we factor revenue/ adjusted profit after tax growth of 25.5%/ 39.7% in FY22E, 16.8%/ 17.4% in FY23E and 12.7%/ 13.2% in FY24E driven by robust execution across projects.
The current core construction valuations of 10.3 times/ 9.1 times FY23E/ FY24E earnings per share are attractive.
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