PNC Infratech Ltd's Q3FY18 standalone net profit rises 21.3% yoy to Rs93.06cr

India Infoline Research Team | February 14, 2018 16:42 IST

The company’s standalone revenue stood at Rs472.48cr, up 1.9% yoy and 75.9% qoq.

PNC Infratech Ltd Q3FY18

Standalone Results Q3FY18: (Rs. in crore)

Q3FY18 YoY (%)
Revenue 472.48 1.9
EBITDA 66.27 10.1
EBITDA Margin (%) 14 105
Net Profit  93.06 21.3
***EBITDA margin change is bps
View

Buy

Reco. Price

162

Last updated on

06-Feb-2018

For Q3FY18, PNC Infratech Ltd’s operating revenue grew by 1.9% yoy to Rs472.48cr as against Rs463.65cr in Q3FY17, missing the consensus estimate of Rs506.5cr. The company’s EBITDA margin has increased by 105bps yoy to 14% as against 13%. The EBITDA grew by 10.1% yoy to Rs66.27cr as against Rs60.17cr, missing the consensus estimate of Rs71.78cr. The company’s PAT grew by 21.3% yoy to Rs93.06cr as against Rs76.73cr, beating the consensus estimate of Rs48.51cr.
  • The increase in EBITDA margin was led by increase of 8.4% yoy in gross profit to Rs152.68cr.
  • The bottom-line was boosted by tax write back of Rs49.85cr.
  • The sales for 9MFY18 declined by 18% to Rs1,097.7cr. The fall in top-line was led by GST implementation, heavy monsoon and execution delays.
  • The EBITDA margin for 9MFY18 expanded by 142bps yoy to 14.4% on the back of decline in cost of goods sold by 22.9% yoy.
  • The adj PAT for 9MFY18 declined by 20.7% yoy to Rs139.52cr, as finance cost rose by 85.7% yoy to Rs22.18cr, depreciation grew by 41.3% yoy to Rs55.52cr and other income declined by 54.45% to Rs16.38cr. 
  • The company has received Rs58.23cr as bonus from UPEIDA towards 89 days ahead of the scheduled completion of Agra-Lucknow Expressway Project in February 2018, which will be reflected in Q4FY18.
  • The company’s order book is valued at over Rs7,900cr as of Q3FY18 end (Rs11,148cr Q2FY18 end). The company, through its various subsidiaries and associate companies, has a portfolio of seven operational BOT/OMT projects.
  • The company has recently received a bonus of Rs58.23cr towards the early completion of Agra-Lucknow Expressway EPC project by 89 days. This bonus amount will be accounted for in the next quarter.
  • CARE has recently upgraded credit rating of the company’s subsidiaries, MP Highways Pvt Ltd and PNC Raebareli Highways Pvt Ltd.
  • The company has achieved financial closure for three of its HAM project well within a stipulated time. The company is currently executing 19 project on EPC basis.
  • The company has a project portfolio of 12 development projects on PPP model where it has four toll projects, two annuity projects, five hybrid model annuity projects and one OMT project. Of the development project portfolio, 7 are fully operational and generating revenues and two HAM projects are under construction.
  • Two HAM projects are under development and for one HAM project, the company has received the letter of intent and concession agreement to be executed. Out of the five HAM projects, the company have achieved financial closure of financial closure for 4 HAM projects.
  • The order book in terms of EPC contract, pending execution was over Rs7,900cr as on December 31, 2017.
  • The cost of borrowing on working capital loans has reduced from 10.49% to 8.8% during the calendar year 2017 and on operational special purpose vehicles has reduced from 10.05% to 8.84%, resulting in saving of over Rs20cr per annum.

Technical View:

PNC Infratech Ltd is currently trading at Rs177.90, up by 4.4 points or 2.54% from its previous closing of Rs173.50 on the BSE.
The scrip opened at Rs174 and has touched a high and low of Rs180 and Rs174 respectively. So far 1,04,799(NSE+BSE) shares were traded on the counter. The stock is currently trading above its 50 DMA.



***Note: This is a NSE Chart

 

Advertisements

  • Save upto Rs.2.67 lakh with Pradhan Mantri Awas Yojana ...Know more
  • Now Save Rs.3150 on your Demat Account ...Click here
  • Now get IIFL Personal Loan in just 8* hours...APPLY NOW!
  • Get the most detailed result analysis on the web - Real Fast!
  • Actionable & Award-Winning Research on 500 Listed Indian Companies.