NDTV Profit's special research section collates quality and in-depth equity and economy research reports from across India's top brokerages, asset managers and research agencies. These reports offer NDTV Profit's subscribers an opportunity to expand their understanding of companies, sectors and the economy.
IDBI Capital Report
PNC Infratech Ltd. Q3 FY24 profit after tax came in-line with our estimates. Revenue increased by 11% YoY and was better than previous quarters. But due to muted order inflow, PNC Infratech has revised the revenue guidance lower to + 10% YoY for FY24E/25E earlier this was + 10 to +15% YoY.
Post the result we have revised the revenue lower by 6%/7% for FY24/25E and moved target price to FY26E at Rs 453 earlier target price was Rs 432.
Market has appreciated the asset monetisation deal and stock is up 25% in the last one month.
Given this run up, we are revising rating to 'Hold' from 'Buy'. Order inflow was muted in nine months FY24 at Rs 11 billion versus expectation of Rs 80-100 billion.
Though order pipeline remain strong but model code of conduct from election could impact fresh inflow for the sector in FY24E.
Click on the attachment to read the full report:
DISCLAIMER
This report is authored by an external party. NDTV Profit does not vouch for the accuracy of its contents nor is responsible for them in any way. The contents of this section do not constitute investment advice. For that you must always consult an expert based on your individual needs. The views expressed in the report are that of the author entity and do not represent the views of NDTV Profit.
Users have no license to copy, modify, or distribute the content without permission of the Original Owner.
Essential Business Intelligence, Continuous LIVE TV, Sharp Market Insights, Practical Personal Finance Advice and Latest Stories — On NDTV Profit.
