ICICI Direct has given a buy rating to PNC Infratech with a target price of Rs 210. The share price moved down by 1.73 per cent from its previous close of Rs 170.30. The stock’s last traded price is Rs 167.30.

PNC Infratech Ltd., incorporated in the year 1999, is a Mid Cap company (having a market cap of Rs 4294.47 Crore) operating in Infrastructure sector.

Financials
For the quarter ended 30-09-2020, the company reported a Consolidated sales of Rs 1248.46 Crore, up 14.24 % from last quarter Sales of Rs 1092.81 Crore and down 6.90 % from last year same quarter Sales of Rs 1340.95 Crore. Company reported net profit after tax of Rs 77.79 Crore in latest quarter.

PNC Infra

Investment Rationale
PNC remains the preferred pick in the EPC space given its robust order book, healthy return ratios and lean balance sheet. Notwithstanding its asset monetisation plan fructification, sufficient internal accruals from current order book is enough for equity infusion. It maintains BUY rating with a revised SoTP target price of Rs 210/share. It values its construction business at Rs 169/share (at 5x FY22E EV/EBITDA implying ~10x FY22 EPS).


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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