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PNC Infratech Ltd - Result Update - ACCUMULATE - TP Rs.198 - Kotak

Posted On: 2017-11-24 21:42:31

PNC Infratech has reported weak Q2FY18 results which were below our estimates. The standalone net sales (EPC Business) for the quarter declined by 25.4% yoy to Rs 2.7 bn due to monsoon season impacting execution and new projects were at initial stage and did not contribute meaningfully. The company expects pick up in execution in H2FY18 based on execution timeline and appointed date expected in most of the projects. The company has got appointed date in two of its delayed projects of value Rs 16.1 bn expect revenue contribution from the same by Q3FY18. The company has robust total order book of ~Rs 110 bn (including 4 new HAM projects) which is over ~6x its FY17 revenue and gives strong revenue growth visibility for the next 3 years. Based on approval and execution timeline, we expect H2FY18 to remain strong. The management has guided for 15-20% revenue growth in FY18E and over 30% yoy growth in FY19E with over 13% EBITDA margins. Further, the company has strong pipeline of projects in road space which will support its future order book. We have marginally upgraded our FY19E earnings assuming better margins, lower interest expenses and tax provisioning. We maintain ACCUMULATE rating on the stock with revised target price of Rs 198.

Shares of PNC Infratech Ltd was last trading in BSE at Rs.188.15 as compared to the previous close of Rs. 183.1. The total number of shares traded during the day was 42540 in over 1057 trades.

The stock hit an intraday high of Rs. 194.4 and intraday low of 187.05. The net turnover during the day was Rs. 8112982.

Source: Equity Bulls

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