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Home News PNC Infra rallies 8% on bagging Rs 819 crore highway project

PNC Infra rallies 8% on bagging Rs 819 crore highway project

PNC,

After being named the L1 (lowest) bidder for a highway project for the Ministry of Road Transport and Highways (MORT&H), shares of PNC Infratech surged 8% to Rs 286.30 on the BSE in intraday trade on Tuesday. reached. 819 crores Rs.

NH-731A paved shoulder (I/C Ganga Bridge) is included in the project, which is for the construction of a four-lane highway in Uttar Pradesh from km 49.155 to km 74.700 (Singraur Uphaar to Baranpur Kadipur Ichauli) on Hybrid Annuity Mode (Package-III).

PNC Infratech is working on a variety of construction projects, including highways, bridges, flyovers, airport runways, and related work.

At the end of Q3FY23, PNC’s order book (OB) was Rs 17,842 crore, or 2.6 times book to TTM revenue. In the past three weeks, the company has received three highway project packages and one railway project worth approximately Rs 4,000 crore. ICICI Securities stated in a note that the above orders will increase revenue visibility.

Care Ratings updated PNC Infratech (PIL)’s long-term rating last month while maintaining the bank’s facilities’ short-term rating. The revision takes into account the government’s emphasis on infrastructure development and the increase in PILs’ robust scale of operations while maintaining healthy operating profitability during FY22 (April 1–March 31). Strong demand prospects are anticipated in the medium term. During an argument, the rating agency stated.

Likewise, the rating modification likewise takes comprehension of the expansion in the functional arrangement of ventures on Half and half Annuity Mode (HAM), which comprise a significant part of functional Unique Reason Vehicles (SPVs) alongside some annuity/cost based self-maintainable undertakings Which fortifies PIL. monetary adaptability

Care Ratings is of the opinion that PIL will monetise a few projects within the next year. This will free up growth capital for future investments that will be less dependent on debt from outside sources. The company has stated that these initiatives for monetization are in various stages of development.

first released: 28 March 2023, 10:00 a.m.

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