- 12 Aug 2024
- ICICIdirect Research
PNC INFRA – WEAK CORE PERFORMANCE; CLAIMS RECEIPT BOOST EARNINGS
PNCINFRA - 294 Change: -0.85 (-0.29 %)News: Standalone reported revenue during Q1FY25 was down 6.3% YoY at ₹ 1744 crore. The topline included one-time claim receipt of ₹ 378.8 crore and early completion bonus of ₹ 56.4 crore. Adjusted core topline was down 29.7% YoY at ₹ 1309 crore. Reported EBITDA margin stood at 34% (up 20.8 percentage pts YoY) aided by claims and bonus receipt. Adjusted margins were at 9.1%. Reported PAT was up ~169% YoY at ₹ 421 crore (Adjusted PAT was down 37.6% YoY at ₹ 98 crore).
View: PNC’s order book (OB), including new orders was healthy at ₹ 20400 crore, 2.7x book to bill as on FY24. It had guided for inflows of ₹ 8000-10000 crore in FY25. The company had also guided for 10% topline growth in FY25 with 12-12.5% margins. 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 long term growth ahead.
Impact: Neutral