PNC Infratech's revenue on standalone basis declined 3.3% YoY to Rs 1,561.1 crore, albeit on the higher base (reported 53.3% growth in base quarter). The topline growth is possibly impacted by execution slowdown pace due to heavy and extended rains across majority of its project sites. EBITDA margin stood at 13.3% (down 46 bps YoY). Effectively, EBITDA at Rs 207 crore, was down 6.6% YoY. At net level, PAT declined 3.2% YoY to Rs 131.1 crore largely impacted by benign operating performance
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Overall, PNC reported benign performance during Q2FY23. Going forward, we are positive on the company given healthy order book, decent margins, comfortable leverage, and healthy working capital.
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