- 10 Aug 2022
- ICICIdirect Research
PNC Infratech puts up strong showPNCINFRA - 284 Change: -0.05 (-0.02 %)
News: PNC Infratech's standalone revenue improved 40.5% YoY to Rs 1,758.1 crore during Q1FY23. The robust topline performance is largely backed by its strong order book position, pick-up in execution, and receipt of appointed date in most of its projects. EBITDA came in at Rs 257.8 crore, up 46.9% YoY possibly with better project mix and receipt of early completion bonus. The consequent margin, stood at 14.7% (up 64 bps YoY). At net level, PAT improved 78.5% YoY to Rs 166.5 crore.
View: Overall, PNC reported strong performance during Q1FY23 with beat on topline and earnings driven by robust execution. While its superior performance at topline level was primarily driven by healthy pick-up in execution, operating margin and bottomline got support possibly from better project mix and receipt of early completion bonus. Going forward, we are positive on the company given healthy order book, decent margins, comfortable leverage, and healthy working capital.