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Dolat Capital Report
PNC Infratech Ltd. reported revenue and Ebitda margin in line; however, adjusted profit after tax above estimates.
The company posted 8.6%/ 4.3%/ 33.7% YoY growth in revenue/ Ebitda/ APAT to Rs 13.2 billion/ Rs 1.8 billion/ Rs 1 billion in Q3 FY21.
The company has bided for road projects worth Rs 150 billion (40% engineering procurement construction and 60% hybrid annuity model). Will bid for another 10 projects in February and March 2021. Competition is steep in both HAM and EPC.
The company expects additional inflows of Rs 20 billion in FY21E. Expect Rs 100 billion inflows in FY22E.
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