Emkay Global has given a buy rating to PNC Infratech with a target price of Rs 173. The share price moved down by 0.27 per cent from its previous close of Rs 165.20. The stock’s last traded price is Rs 164.75.

PNC Infratech Ltd., incorporated in the year 1999, is a Mid Cap company (having a market cap of Rs 4248.29 Crore) operating in Infrastructure sector.

For the quarter ended 30-06-2020, the company reported a Consolidated sales of Rs 1092.81 Crore, down 18.85 % from last quarter Sales of Rs 1346.70 Crore and down 28.32 % from last year same quarter Sales of Rs 1524.52 Crore. The Company reported net profit after tax of Rs 94.79 Crore in latest quarter.

Investment Rationale
With resumption in construction activities on account of easing in lockdown restrictions, the return of labor force, healthy order book and an aggressiveness in its business operations to meet its margins, the brokerage expects the company to have resumed normalized operations during the quarter. Margins, however, are likely to witness a correction on account of no one-time gains yoy.

Promoter/FII Holdings
Promoters held 56.1 per cent stake in the company as of June 30, 2020, while FIIs held 6.4 per cent, DIIs 22.8 per cent and public and other 14.7 per cent.

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