Centrum Broking: PNC Infratech Annual Report Analysis - Strong All-Round Performance
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Centrum Broking Report
PNC Infratech Ltd.’s FY20 standalone revenue/profit after tax grew 55.3%/36% YoY to Rs 47.7 billion/ Rs 3.3 billion driven by strong order book.
Gross Debt reduced by Rs 480 million to Rs 3.3 billion while cash levels surged to Rs 7.4 billion led by higher mobilization advances (up Rs 2.8 billion YoY) and improved recoveries.
Consolidated profit after tax grew 56% YoY to Rs 5.5 billion.
Net working capital levels (excluding-cash, excluding-loans/sub-debt to subs) declined sharply to 15 days in FY20 from 67 days in FY19 but are likely to revert to 60-65 days in FY21.
Receivables rose to Rs 8 billion from Rs 6.2 billion but reduced from 73 days to 61 days of revenue.
Receivables from own special purpose vehicles at Rs 6.2 billion were 77% of the total with third party receivables declining from Rs 4.5 billion in FY19 to Rs 1.8 billion FY20.
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