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Axis Securities Report
PNC Infratech Ltd. reported a decent set of Q3 FY22 numbers driven by its superior execution and a robust order book. The company reported revenue of Rs 1,522 crore (up 15% YoY), Ebitda of Rs 166 crore (down 7% YoY), and adjusted profit after tax of Rs 81 crore (down 22% YoY).
It registered Ebitda margins of 10.9% in Q3 FY22 (our estimate: 13.9%) as against 13.7% in Q2 FY22. The company reported adjusted profit after tax margins of 5.32% against 8.38% in Q2 FY22.
Ebitda/adjusted profit after tax margins were impacted on account of higher other expenses due to an impairment of Rs 39 crore in one of the company’s road assets.
PNC Infratech has an order book of Rs 12,055 crore (as of December 31, 2021), indicating revenue visibility for the next two years.
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