PNC Infratech - Recent Additions An Augury, But More Needed: Anand Rathi
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Anand Rathi Report
With no new road engineering, procurement and construction/hybrid annuity orders since July 2020, irrigation/ water-orders and the recent user-fee toll-collection contract keep PNC Infratech Ltd.’s assurance respectable, and make growth possible in the foreseeable future.
Efforts are underway to add road orders; bids have already been placed, anticipated year-end surge in awarding and gradual restoration of diluted pre-qualifications/other relaxations (movement visible already) would help.
The standalone leverage rose, but is not discomfiting (drawdowns consciously delayed at special purpose vehicles).
Any monetisation receipts as well as drawdowns at special purpose vehicles constitute potential for PNC Infratech's balance sheet to turn sturdier.
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