InCred Equities - PNC Infratech Ltd

	Mar-24A	Mar-25F	Mar-26F	Mar-27F
Revenue (Rsm)	83,531	62,120	71,572	76,759
Operating EBITDA (Rsm)	17,077	13,481	14,358	14,606
Net Profit (Rsm)	9,094	2,627	3,228	3,613
Core EPS (Rs)	23.9	10.2	12.6	14.1
Core EPS Growth	(7.0%)	(57.1%)	22.9%	11.9%
FD Core P/E (x)	11.44	26.67	21.71	19.40
DPS (Rs)	0.5	0.6	0.6	0.7
Dividend Yield	0.23%	0.25%	0.28%	0.30%
EV/EBITDA (x)	7.80	16.57	14.95	11.72
P/FCFE (x)	9.97	(6.79)	10.58	20.04
Net Gearing	131.5%	291.8%	261.2%	175.0%
P/BV (x)	1.35	1.29	1.22	1.15
ROE	12.9%	4.9%	5.8%	6.1%
% Change In Core EPS Estimates
InCred Research/Consensus EPS (x)

(Rs mn)	Mar-24A	Mar-25F	Mar-26F	Mar-27F
Total Net Revenues	83,531	62,120	71,572	76,759
Gross Profit	27,538	40,378	46,522	49,893
Operating EBITDA	17,077	13,481	14,358	14,606
Depreciation And Amortisation	(1,768)	(2,112)	(1,949)	(1,777)
Operating EBIT	15,309	11,369	12,409	12,829
Financial Income/(Expense)	(6,605)	(6,799)	(6,946)	(6,758)
Pretax Income/(Loss) from Assoc.
Non-Operating Income/(Expense)	815	800	800	801
Profit Before Tax (pre-EI)	9,519	5,370	6,263	6,872
Exceptional Items
Pre-tax Profit	9,519	5,370	6,263	6,872
Taxation	(3,393)	(2,743)	(3,035)	(3,259)
Exceptional Income - post-tax	2,968
Profit After Tax	9,094	2,627	3,228	3,613
Minority Interests
Preferred Dividends
FX Gain/(Loss) - post tax
Other Adjustments - post-tax
Net Profit	9,094	2,627	3,228	3,613
Recurring Net Profit	6,126	2,627	3,228	3,613
Fully Diluted Recurring Net Profit	6,126	2,627	3,228	3,613

(Rs mn)	Mar-24A	Mar-25F	Mar-26F	Mar-27F
EBITDA	17,077	13,481	14,358	14,606
Cash Flow from Invt. & Assoc.
Change In Working Capital	(18,666)	(93,240)	4,671	39,841
(Incr)/Decr in Total Provisions
Other Non-Cash (Income)/Expense
Other Operating Cashflow
Net Interest (Paid)/Received	(6,605)	(6,799)	(6,946)	(6,758)
Tax Paid	(3,393)	(2,743)	(3,035)	(3,259)
Cashflow From Operations	(11,587)	(89,302)	9,048	44,430
Capex	(453)	(1,552)	(987)	(1,546)
Disposals Of FAs/subsidiaries
Acq. Of Subsidiaries/investments	(1,999)
Other Investing Cashflow	3,783	800	800	801
Cash Flow From Investing	1,331	(752)	(187)	(745)
Debt Raised/(repaid)	17,280	79,728	(2,237)	(40,188)
Proceeds From Issue Of Shares	64	0		0
Shares Repurchased
Dividends Paid	(160)	(176)	(194)	(213)
Preferred Dividends
Other Financing Cashflow	(205)
Cash Flow From Financing	16,979	79,552	(2,431)	(40,401)
Total Cash Generated	6,724	(10,502)	6,430	3,284
Free Cashflow To Equity	7,025	(10,326)	6,624	3,497
Free Cashflow To Firm	(3,650)	(83,255)	15,806	50,443

(Rs mn)	Mar-24A	Mar-25F	Mar-26F	Mar-27F
Total Cash And Equivalents	13,787	3,285	9,714	12,998
Total Debtors	98,632	188,898	184,753	145,228
Inventories	7,650	5,265	6,318	6,950
Total Other Current Assets	19,327	17,016	18,069	18,700
Total Current Assets	139,396	214,463	218,854	183,876
Fixed Assets	11,592	11,033	10,071	9,840
Total Investments	5,114	5,114	5,114	5,114
Intangible Assets
Total Other Non-Current Assets
Total Non-current Assets	16,706	16,147	15,185	14,954
Short-term Debt
Current Portion of Long-Term Debt
Total Creditors
Other Current Liabilities	22,264	14,593	17,225	18,805
Total Current Liabilities	22,264	14,593	17,225	18,805
Total Long-term Debt	81,983	161,711	159,475	119,287
Hybrid Debt - Debt Component
Total Other Non-Current Liabilities
Total Non-current Liabilities	81,983	161,711	159,475	119,287
Total Provisions	7	7	7	7
Total Liabilities	104,254	176,311	176,707	138,098
Shareholders Equity	51,848	54,299	57,333	60,732
Minority Interests
Total Equity	51,848	54,299	57,333	60,732

	Mar-24A	Mar-25F	Mar-26F	Mar-27F
Revenue Growth	5.0%	(25.6%)	15.2%	7.2%
Operating EBITDA Growth	6.7%	(21.1%)	6.5%	1.7%
Operating EBITDA Margin	20.4%	21.7%	20.1%	19.0%
Net Cash Per Share (Rs)	(265.83)	(617.55)	(583.77)	(414.32)
BVPS (Rs)	202.11	211.66	223.49	236.74
Gross Interest Cover	2.32	1.67	1.79	1.90
Effective Tax Rate	35.6%	51.1%	48.5%	47.4%
Net Dividend Payout Ratio	1.7%	3.3%	3.1%	3.1%
Accounts Receivables Days	388.58	844.72	952.76	784.55
Inventory Days	49.85	108.41	84.38	90.13
Accounts Payables Days
ROIC (%)	15.7%	9.9%	6.0%	6.4%
ROCE (%)	12.7%	6.5%	5.7%	6.5%
Return On Average Assets	11.4%	6.3%	5.7%	6.3%

(91) 22 4161 1546 rajarshi.maitra@incredresearch.com

(91) 22 4161 1500 shivam.agarwal@incredresearch.com

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Market Data

Source: Bloomberg