ICICI Direct: PNC Infratech’s Execution To Pick Up Pace
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ICICI Direct Report
PNC Infratech Ltd. reported a better-than-expected performance in Q2 FY21.
Topline, adjusted for one-off Rs 109.5 crore as arbitration claim for Hapur-Moradabad project in the base quarter, de-grew merely by 1.6% YoY to Rs 1,053.5 crore.
The performance was resilient, given the heavy monsoon period and disruptions caused by Covid-19 pandemic.
Operating profit came in at Rs 142.1 crore, down approximately 44.8% YoY. Here also, adjusted for the one-off element in the base quarter, the operating profit decline was merely approximately 3.8% YoY.
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