Sharekhan's research report on PNC Infratech
The company remain on track on achieving appointed dates for seven HAM projects by Q4FY2023 end as it achieved appointed dates and financial closure of two and three HAM projects respectively during Nov-Dec. Road project awarding picked up during Q3FY2023/December 2023 rising by 82% y-o-y and 2.5x m-o-m respectively. Expect strong project awards during Q4FY2023. Expect the company to benefit from high capital allocation expected towards roads and highways for FY2024 in the upcoming budget.
Outlook
We retain a Buy on PNC Infratech Limited (PNC) with a revised PT of Rs. 360, marginally increasing our valuation multiple and rolling forward our valuation to September 2024 earnings.
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