Buy PNC Infratech, target price Rs 390: ICICI Direct

ICICI Direct has buy call on PNC Infratech with a target price of Rs 390. The current market price of PNC Infratech is Rs 312.2. Time period given by analyst is 12-18 months when PNC Infratech price can reach defined target.

PNC Infratech, incorporated in the year 1999, is a Mid Cap company (having a market cap of Rs 7991.19 Crore) operating in Infrastructure sector.

PNC Infratech key Products/Revenue Segments include Contract Revenue, Material and Scrap for the year ending 31-Mar-2022.


Financials
For the quarter ended 31-03-2023, the company has reported a Consolidated Total Income of Rs 2328.54 Crore, up 27.74 % from last quarter Total Income of Rs 1822.87 Crore and up 3.61 % from last year same quarter Total Income of Rs 2247.33 Crore. Company has reported net profit after tax of Rs 145.98 Crore in latest quarter.

The company’s top management includes Mr.Pradeep Kumar Jain, Mr.Talluri Raghupati Rao, Mr.Krishan Kumar Jalan, Mr.Gauri Shankar, Mr.Ashok Kumar Gupta, Ms.Deepika Mittal, Mr.Anil Kumar Rao, Mr.Yogesh Kumar Jain, Mr.Chakresh Kumar Jain, Mr.Subhash Chander Kalia. Company has NSBP & Co. as its auditors. As on 31-03-2023, the company has a total of 26 Crore shares outstanding.

Investment Rationale
PNC has exhibited healthy execution along with a stable margin trajectory. Medium trigger is asset monetisation, which would free up capital and drive scalability.

Promoter/FII Holdings
Promoters held 56.07 per cent stake in the company as of 31-Mar-2023, while FIIs owned 9.52 per cent, DIIs 29.39 per cent.