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IDBI Capital Report
PNC Infratech Ltd.'s Q3 FY22 adjusted Ebitda came in-line with our and consensus estimate. Order inflow in year-to-date-FY22 has been muted at Rs 27 billion but the company expects pick up in Q4 FY22 and guided for FY22E inflow of Rs 80 billion.
Company has submitted 19 bids worth Rs 170 billion which is expected to open before March 2022. In addition to this, Ministry of Road Transport and Highways has changed bidding criteria which could reduce competitive intensity and favors players like PNC Infratech.
Post the result we have marginally reduce revenue estimate, this has resulted in earnings per share cut of 5-8% for FY23/24E. Stock has been weak due to its exposure in Uttar Pradesh which is under-going election.
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