Anand Rathi has given Buy recommendation for PNC Infratech with a target price of Rs. 389 in its research report issued on Nov 20, 2021
Anand Rathi’s research report on PNC Infratech
The continuing good pace of execution with no orders since Jan’21 mean PNC’s revenue assurance is now ordinary. Citing sound prospect pipeline, and as it expects competition to moderate (with the benefits of diluted PQs/other relaxations announced under the AtmaNirbhar Bharat Scheme set to lapse on 31st Dec’21), management is sanguine of adding orders in time to keep growth going beyond the foreseeable future. The balance sheet is sturdy, and with Ghaziabad-Aligarh monetisation nearing fruition, it has potential to be sturdier.
On the proven execution abilities, a well-set BS and the potential, we raise our rating to a Buy with a higher TP of Rs389 (on rolling forward to FY24).