PNC Infratech Q4 Review - Strong Orderbook To Drive Growth: Dolat Capital
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Dolat Capital Report
PNC Infratech Ltd. reported results in line with estimates.
The company posted 42.0%/ 48.7%/ 70.1% YoY growth in revenue/ Ebitda/ adjusted profit after tax to Rs 16.4 billion/ Rs 2.3 billion/ Rs 1.3 billion in Q4 FY21.
We broadly maintain estimates for FY22E/ FY23E factoring FY21 results.
We expect strong revenue/ adjusted profit after tax compound annual growth rate of 22.8%/ 30.1% over FY21- 23E.
Post tepid growth in FY21, we factor revenue/ adjusted profit after tax growth of 23.6%/ 35.3% in FY22E and 21.9%/ 25.0% in FY23E driven by robust execution across projects.
The current core construction valuations of 10.9 times/ 8.7 times FY22E/ FY23E earnings per share are attractive.
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