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IDBI Capital Report
PNC Infratech Ltd. Q1 FY23 profit after tax beat our/ consensus estimates by 38%/ 33%. Beat is on account of higher Ebitda margin of 14.7% (up 294 bps YoY) as company has booked early completion bonus of Rs 370 million.
Going forward PNC Infratech has guided Ebitda margin at 13.5% and revenue to increase by 15% as order book is healthy at Rs 204 billion (equals three times FY22 revenue) including seven hybrid-annuity-model projects where appointed date is pending.
Stock trades at times FY24E earnings per share versus historically average of 11 times. Stock catalyst is receipt of appointed date for HAM projects as executable order book is 63% of total order book and conclusion asset monetization, where equity of Rs 9 billion is invested by the company till date.
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