- 27 Feb 2024
- ICICI Securities
PNC INFRA RECEIVES ORDERS WORTH ₹ 699 CRORE
PNCINFRA - 257 Change: -2.45 (-0.95 %)News: PNC Infratech Ltd. received a letter of acceptance on Monday for second-phase construction of a four-lane elevated corridor in Madhya Pradesh. The contract worth ₹ 699 crore from the Public Works Department is for the flyover construction from Maharani Laxmibai Pratima to AB road in Gwalior. The time period for execution of the project is 36 months.
Views: PNC’s order book (OB) was healthy at ₹ 17380 crore, 2.3x book to bill as of Q3FY24. 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.
Impact: Positive