Buy PNC Infratech, target price Rs 315: Geojit

Geojit has buy call on PNC Infratech with a target price of Rs 315. The current market price of PNC Infratech Ltd. is Rs 254. 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 6575.10 Crore) operating in Infrastructure sector.

PNC Infratech Ltd. key Products/Revenue Segments include Contract Revenue, Material and Scrap for the year ending 31-Mar-2021.



Financials
For the quarter ended 31-03-2022, the company reported a Consolidated Total Income of Rs 2247.33 Crore, up 29.20 % from last quarter Total Income of Rs 1739.40 Crore and up 19.04 % from last year same quarter Total Income of Rs 1887.83 Crore. Company reported net profit after tax of Rs 257.71 Crore in latest quarter.

Investment Rationale
The brokerage expects a rerate in valuation in receipt of appointed date for HAM projects and monetization of operational projects. It re-iterates Buy rating on the stock with a TP of Rs315 based on a P/E of 12x on FY24E EPS and BOT/HAM projects at 0.5xP/B.

Promoter/FII Holdings
Promoters held 56.07 per cent stake in the company as of 31-Mar-2022, while FIIs owned 9.99 per cent, DIIs 26.83 per cent.