reports
- Shirish Rane
PNC Infratech's Q3FY20 results (Outperformer) - Strong execution; stro...
Q3FY20 result highlights PNC reported revenue of Rs12.2bn, +68% yoy (est of Rs10.2bn) in Q3FY20 aided by execution on new HAM and EPC road projects. 9mFY20 revenue was Rs36bn, a growth of 81% yoy. Adjusted EBITDA came in at Rs1.7bn, +68% yoy. EBITDA Margin for Q3FY20 was 14.1% (est of 14.0%). Note that EBITDA margin for FY19 and FY18 was 14.8% and 14.5% respectively Interest cost during the quarter rose by 114% yoy to Rs401m (higher than our est of Rs247m) led by utilisation of Rs8bn of ...
- Shirish Rane
PNC Infratech's Q2FY20 results (Outperformer) - A strong quarter
Q2FY20 result highlights PNC reported revenue of Rs10.7bn, +92% yoy (est of Rs8.0bn) in Q2FY20. The revenue has grown on back of strong execution on new HAM and EPC road projects. Adjusted EBITDA came in at Rs1.5bn, +98% yoy. EBITDA Margin for Q2FY20 was 13.8% (est of 13.5%). Note that EBITDA margin for FY19 and FY18 was 12.7% and 14.1% respectively Other income during the quarter came in at Rs1.9bn including arbitration claim of Rs1.4bn received in Hapur Moradabad. As a result, PNC’s Q2...
- Shirish Rane
PNC Infratech's Q1FY20 results (Outperformer) - Strong beat in execut...
Q1FY20 result highlights PNC’s revenue grew by 86% yoy to Rs13.2bn (est of Rs8.0bn) in Q1FY20. The revenue has grown on back of strong execution on new HAM road projects. EBITDA Margin for Q1FY20 was 13.6% (est of 14.0%). Note that EBITDA margin for FY19 and FY18 was 12.7% and 14.1% respectively As a result, PNC’s Q1FY20 earnings of Rs1bn, a growth of 18% yoy ( sharply ahead of estimate of Rs659m) led by better execution. Note that Q1FY19 earnings have been adjusted for bonus income of Rs...
- Shirish Rane
PNC Infratech's Q4FY19 results (Outperformer) - Poised for growth; St...
Q4FY19 result highlights PNC’s revenue grew by 54% yoy to Rs10.8bn (est of Rs8.0bn) in Q4FY19 and 71% yoy to Rs31bn in FY19. The revenue has grown on back of strong execution on new road projects. EBITDA Margin for the quarter was 14.1% (est of 13.5%) in Q4FY19 and 12.7% in FY19. (vs 14.1% in FY18) As a result, PNC’s Q4FY19 earnings of Rs741m were sharply ahead of estimate of Rs504m led by better execution/better margins. FY19 profit grew to Rsxxbn, +23% up yoy. PNC’s order backlog is robu...
PNC Infratech's Q3FY19 results (Outperformer) - Robust execution and g...
Q3FY19 result highlights PNC reported strong Q3FY19 performance led by robust execution and strong margins. PAT came in at Rs474m (in-line), growth of 9.6% yoy on adjusted base of PY (decline of 49.1% yoy on reported base which included tax reversal worth Rs498m). Revenues grew 53.9% yoy to Rs7.3bn (in line) led by strong execution. EBITDA grew 54.1% yoy to Rs1bn & was above our estimate of Rs957m. EBITDA margins remained flat yoy at 14% (est: 13.5%). Gross standalone debt further rose by R...
PNC Infratech's Q2FY19 results (Outperformer) - Robust growth prospect...
Q2FY19 result highlights PNC’s Q2FY19 PAT grew 111% yoy to Rs351m (albeit low base), but was sharply below estimate of Rs455m, due to lower than estimate revenue and higher interest expenses. Revenues grew 108%yoy to Rs5.6bn (est: Rs6.2bn) led by strong order backlog and a pick-up in execution. EBITDA grew 87.9%yoy to Rs746m (est: Rs832m) and EBITDA margin contracted 140bp yoy to 13.4%, in-line with our estimate of 13.4%. Gross standalone debt grew Rs850m qoq to Rs3.4bn in Sep-18 while net ...
PNC Infratech's Q4FY18 results (Outperformer) - Strong growth ahead
Q4FY18 result highlights PNC’s Q4FY18 earnings of Rs1.1bn were sharply ahead of estimate of Rs488m due to receipt of early completion bonus of Rs582m for Agra-Lucknow Expressway and better execution/better margins. Adjusted for bonus, the PAT grew 109.7%yoy to Rs708m. Adjusted revenue grew 100%yoy and 48.3%qoq to Rs7bn (est: Rs6.1bn) led by strong execution in newer projects. Adjusted EBITDA grew 117%yoy to Rs1bn (est: Rs788m) and EBITDA margin grew 110bp yoy to 14.7% (est: 13%) aided by fav...
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