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Brokerages bullish on PNC Infra despite dismal Q1 numbers; here’s why

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Brokerages remain positive on PNC Infratech even as the company reported a 49% drop in consolidated net profit for the June quarter at Rs 91.7 crore.

Strong order book and balance sheet are the key reasons why brokerages have retained ‘buy’ ratings on the stock.

“The biggest positive was the company being able to manage the margins (yoy and qoq), with active cost controls. The orderbook, post the recent wins appears robust at 3.5 times book-to-sales,” said Phillip Capital, raising target price on the stock to Rs 270 from Rs 260 and maintaining a buy rating.

“The management maintained its 10% year on year revenue de-growth in FY21-likely to be met easily. We foresee strong growth in FY22 and beyond, driven by a strong balance sheet and orderbook,” the brokerage added.

IIFL has retained ‘buy’ rating on the stock with a target price of Rs 202. Dolat Capital has also retained ‘buy’ with a target price of Rs 271. Equirus has a ‘long’ rating with a target price of Rs 249.

Nomura has retained ‘buy’ call but lowered target price to Rs 255 from Rs 295 to factor in the impact of COVID-19 and higher tax rate.

Nomura said a strong orderbook, lean balance sheet, and execution track record is likely to help the company weather COVID-19 related impact.

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