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Nirmal Bang Report
PNC Infratech Ltd. reported good set of numbers for Q3 FY22 backed by strong growth in execution and minimal impact on margins. During the quarter, the company provided for impairment of its investment in Ghaziabad Aligarh project in other expenses, and as a result reported Ebitda is lower by Rs 390 million.
Adjusted for the same, Ebitda at Rs 2.04 billion is in-line with our estimates. Revenue at Rs 15.2 billion grew by 15% YoY (4% below our estimate) and nine months-FY22 revenue is higher by 34% compared to 9M FY21.
PNC Infratech has conservatively guided for more than 20% revenue growth in FY22 and 15% growth in FY23.
We believe that it can easily achieve more than its guidance given the orderbook position given the 33% growth exhibited in 9M FY22.
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