External broker reports(aggregated public sources), ICICI Securities Ltd

ICICI Securities Limited

External broker reports(aggregated public sources)

Equity Bottom-Up

<p>Order book provides robust revenue visibility in medium term As on Q4 end, PNC's order book (OB) was at Rs 11,648 crore. However, this OB excludes: a) two EPC projects of Delhi Vadodara alignment worth Rs 1,548 crore and b) irrigation and water projects worth Rs 3427 crore. Including these projects, the OB is robust at ~ Rs 16,623 crore (OB/TTM revenues: 3,4x) and provides revenue visibility over the next three years. The order book is well diversified with HAM, EPC, water &amp; canal forming 45%, 27%, 28%, respectively.</p><div class="content-highlight"><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></div>

Order book provides robust revenue visibility in medium term As on Q4 end, PNC's order book (OB) was at Rs 11,648 crore. However, this OB excludes: a) two EPC projects of Delhi Vadodara alignment worth Rs 1,548 crore and b) irrigation and water projects worth Rs 3427 crore. Including these projects, the OB is robust at ~ Rs 16,623 crore (OB/TTM revenues: 3,4x) and provides revenue visibility over the next three years. The order book is well diversified with HAM, EPC, water &amp; canal forming 45%, 27%, 28%, respectively.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

PNC Infratech: Strong Performance; Healthy Guidance!

External broker reports(aggregated public sources), HDFC Securities

HDFC Securities

<p>Ahluwalia Contracts: Ahluwalia Contracts (AHLU) reported revenue/EBITDA at INR 7.6bn, beating our estimates by 39/36%. However, higher-than-expected finance cost narrowed APAT beat to 23%. Credit loss provision of INR 340mn during the quarter impacted margins. Labour availability has improved after falling by 30% during April/May-21. Management has guided for 10-15% revenue growth, 11-12% EBITDA margin and INR 25bn order inflow in FY22. We have raised our FY22/FY23 estimates by 20/16% to account for pick-up in execution of a strong order book (OB) of INR 76bn.</p><div class="content-highlight"><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></div>

Ahluwalia Contracts: Ahluwalia Contracts (AHLU) reported revenue/EBITDA at INR 7.6bn, beating our estimates by 39/36%. However, higher-than-expected finance cost narrowed APAT beat to 23%. Credit loss provision of INR 340mn during the quarter impacted margins. Labour availability has improved after falling by 30% during April/May-21. Management has guided for 10-15% revenue growth, 11-12% EBITDA margin and INR 25bn order inflow in FY22. We have raised our FY22/FY23 estimates by 20/16% to account for pick-up in execution of a strong order book (OB) of INR 76bn.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

HSIE Results Daily: PNC Infratech, Ahluwalia Contracts

India

PNC Infratech Limited operates as an infrastructure construction, development, and management company. The Company constructs highways, bridges, fly-overs, power transmission lines, and airport runways. PNC Infratech also provides construction services for waste management and industrial area development projects.

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PNC Infratech Ltd (PNCL IN)

PNC Infratech: Strong Performance; Healthy Guidance!

Order book provides robust revenue visibility in medium term As on Q4 end, PNC's order book (OB) was at Rs 11,648 crore. However, this OB excludes:...

ICICI Securities Limited

HSIE Results Daily: PNC Infratech, Ahluwalia Contracts

Ahluwalia Contracts: Ahluwalia Contracts (AHLU) reported revenue/EBITDA at INR 7.6bn, beating our estimates by 39/36%. However, higher-than...

HDFC Securities

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