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Buy PNC Infratech, target price Rs 310: Geojit

Geojit has buy call on Ltd. with a target price of Rs 310. The current market price of PNC Infratech Ltd. is Rs 264.

Time period given by analyst is one year when PNC Infratech Ltd. price can reach defined target. PNC Infratech Ltd., incorporated in the year 1999, is a Mid Cap company (having a market cap of Rs 6673.87 Crore) operating in Infrastructure sector.

Financials
For the quarter ended 31-03-2021, the company reported a Consolidated Total Income of Rs 1887.83 Crore, up 16.75 % from last quarter Total Income of Rs 1616.93 Crore and up 37.12 % from last year same quarter Total Income of Rs 1376.82 Crore. Company reported net profit after tax of Rs 152.16 Crore in latest quarter.


Investment Rationale
Strong order book and pick-up in execution, we expect EPS to grow at 26% CAGR over FY21-FY23E. The brokerage reiterates Buy rating on the stock and value EPC business at a P/E of 13x on FY23E EPS & BOT/HAM projects at 0.5x P/B with a TP of Rs 310.

Promoter/FII Holdings
Promoters held 56 per cent stake in the company as of March 31, 2021, while FIIs held 10.79 per cent, DIIs 27.69 per cent and public and others 5.45 per cent.

(Disclaimer: Views and recommendations given in this section are the analysts’ own and do not represent those of ETMarkets.com. Please consult your financial adviser before taking any position in the stock/s mentioned.

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