News: PNC Infratech reported a mixed operational performance during Q4FY22. Standalone revenue improved 16.6% YoY to Rs 1,917.3 crore (includes Rs 82.7 crore bonus received for early completion of the project). EBITDA margin stood at 11.7% (down 241 bps YoY). However, Adjusted for one-off impairment, margins stood at 16.4%, was up 230 bps YoY (largely due to early completion bonus). At net level, Adjusted PAT at Rs 206 crore, was up 59% YoY.
Views: Management commentary on growth will be key monitorable. We are positive on the company given healthy order book, decent margins, comfortable leverage, and healthy working capital.
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