News: Standalone revenue during Q3FY24 was up ~11% YoY at ₹ 1803 crore. EBITDA margin stood at 13.3% (up 50 bps YoY basis) aided by benign commodity prices and project mix. PAT was up ~17% YoY at ₹ 151 crore.
Views: PNC’s order book (OB) was healthy at ₹ 17380 crore, 2.3x book to bill. With appointed date in most projects, execution is likely to remain robust ahead. Going forward, we are positive on the company given healthy order book, decent margins, comfortable leverage, and healthy working capital. Most importantly, the company has monetised 12 assets at ₹2,902 crore on an invested equity of ₹1,740 crore, which makes it cash rich and well capitalised for growth ahead.
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