PNC Infratech Q2 FY21 results first cut: Decent Performance - YES Securities

- PNC Infratech reported topline de-growth of 11% yoy (to Rs.10.5 bn) on standalone basis which was in-line with our estimates. The execution improved over Q1 with better labor availability and easing of lockdown.

- Operating margin remained heathy at 13.5% vs 13.2% in Q1 FY21. Operating performance during same period last year included arbitration claims of Rs.1.09 bn. PAT during Q2 FY21 stood at Rs.693 mn.

- Order book at the end of Q2 FY21 stood at ~Rs.80 bn (Calculated as per orders announced by the Company and adjusted for Q2 execution).

- The order book excludes a) Challakere-Hariyur HAM project (BPC: Rs.11.6bn), b) Unnao-Lalganj HAM project (BPC Rs.16.2bn), c) Jagdishpur-Faizabad HAM project (BPC: Rs.15.3bn), d) Aligarh- Kanpur HAM project (BPC: Rs.20.5bn), d) Meerut Nazibabad section HAM project (BPC: Rs.14.1bn) and e) Delhi - Vadodara Greenfield Alignment EPC project (2 packages having value: Rs.15.5bn). Including these projects, the Order book stands at ~Rs.152 bn.

- We currently have BUY rating on the stock. We would review our estimates post Earnings Call.

Shares of PNC Infratech Ltd was last trading in BSE at Rs.168.25 as compared to the previous close of Rs. 171.55. The total number of shares traded during the day was 14754 in over 923 trades.

The stock hit an intraday high of Rs. 172.05 and intraday low of 162. The net turnover during the day was Rs. 2462131.

Source : Equity Bulls

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