Sharekhan has given Buy recommendation for PNC Infratech with a target price of Rs. 420 in its research report issued on Oct 04, 2021

Sharekhan’s research report on PNC Infratech

We expect project tendering activities to gather pace in H2FY2022 with strong visibility over the next 4-5 years. NHAI’s monetisation drive through InvIT and ToT routes to ease balance sheet and drive future project tendering. FasTag issuances and bank credit deployment towards roads continue to show strong growth during July and August. Strong order book at 3x its TTM revenue, robust execution, high cash flow generation, and asset monetisation to drive valuation.

Outlook

We retain our Buy rating on PNC Infratech Limited (PNC) with a revised PT of Rs. 420, owing to a strong order book and healthy earnings growth outlook.

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