PNC Infratech reaches summit after posting stellar Q1 results

PNC Infratech rose 3.72% to Rs 125.55 at 10:00 Ist on BSE after consolidated net profit jumped 145% to Rs 54.2 crore on 6.23% decline in total income from operations to Rs 635.5 crore in Q1 June 2016 over Q1 June 2015.

The result was announced after market hours yesterday, 24 August 2016.

Meanwhile, the BSE Sensex was up 65.37 points, or 0.23%, to 28,125.31.

High volumes were witnessed on the counter. On BSE, so far 1.24 lakh shares were traded in the counter, compared with an average volume of 2,382 shares in the past one quarter. The stock hit a high of Rs 134.90 so far during the day, which is a record high for the stock. The stock hit a low of Rs 124.80 so far during the day. The stock hit a 52-week low of Rs 69.26 on 23 September 2015. The stock had outperformed the market over the past one month till 24 August 2016, gaining 7% compared with 0.92% rise in the Sensex. The scrip had, however, underperformed the market in past one quarter, rising 5.34% as against Sensex's 10.88% rise.

The mid-cap company has an equity capital of Rs 51.31 crore. Face value per share is Rs 10.

PNC Infratech said that the decline in total income from operations is attributed to application of Indian Accounting Standards (Ind-AS) for the first time. Based on Indian GAAP, however, consolidated revenue was higher by 26.9%, it added. Consolidated earnings before interest, taxes, depreciation and amortization (EBITDA) rose 25.4% to Rs 165.8 crore in Q1 June 2016 over Q1 June 2015. The EBITDA margin improved from 19.5% in Q1 June 2015 to 26.1% in Q1 June 2016. Net profit margin also improved from 3.2% in Q1 June 2015 to 8.5% in Q1 June 2016.

PNC Infratech is an infrastructure construction, development and management company, with expertise in execution of major infrastructure projects, including highways, bridges, flyovers, airport runways, power transmission lines, development of industrial areas and other infrastructure activities.

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