InCred Equities - PNC Infratech Ltd

	Mar-23A	Mar-24F	Mar-25F	Mar-26F
Revenue (Rsm)	79,561	83,531	68,794	73,649
Operating EBITDA (Rsm)	16,000	17,077	14,482	14,944
Net Profit (Rsm)	6,585	9,094	3,377	4,042
Core EPS (Rs)	25.7	23.9	13.2	15.8
Core EPS Growth	13.1%	(7.0%)	(44.9%)	19.7%
FD Core P/E (x)	11.68	12.55	22.77	19.03
DPS (Rs)	0.5	0.5	0.6	0.6
Dividend Yield	0.21%	0.21%	0.23%	0.25%
EV/EBITDA (x)	8.21	8.20	15.51	14.58
P/FCFE (x)	(138.27)	10.95	(7.96)	16.63
Net Gearing	133.9%	131.5%	277.5%	248.1%
P/BV (x)	1.79	1.48	1.40	1.31
ROE	16.6%	12.9%	6.3%	7.1%
% Change In Core EPS Estimates
InCred Research/Consensus EPS (x)

(Rs mn)	Mar-23A	Mar-24F	Mar-25F	Mar-26F
Total Net Revenues	79,561	83,531	68,794	73,649
Gross Profit	29,179	27,538	44,716	47,872
Operating EBITDA	16,000	17,077	14,482	14,944
Depreciation And Amortisation	(2,533)	(1,768)	(2,497)	(2,160)
Operating EBIT	13,467	15,309	11,985	12,784
Financial Income/(Expense)	(4,699)	(6,605)	(6,437)	(6,221)
Pretax Income/(Loss) from Assoc.
Non-Operating Income/(Expense)	806	815	800	800
Profit Before Tax (pre-EI)	9,575	9,519	6,348	7,363
Exceptional Items
Pre-tax Profit	9,575	9,519	6,348	7,363
Taxation	(2,990)	(3,393)	(2,971)	(3,321)
Exceptional Income - post-tax		2,968
Profit After Tax	6,585	9,094	3,377	4,042
Minority Interests
Preferred Dividends
FX Gain/(Loss) - post tax
Other Adjustments - post-tax
Net Profit	6,585	9,094	3,377	4,042
Recurring Net Profit	6,585	6,126	3,377	4,042
Fully Diluted Recurring Net Profit	6,585	6,126	3,377	4,042

(Rs mn)	Mar-23A	Mar-24F	Mar-25F	Mar-26F
EBITDA	16,000	17,077	14,482	14,944
Cash Flow from Invt. & Assoc.
Change In Working Capital	(25,333)	(18,666)	(88,717)	1,649
(Incr)/Decr in Total Provisions
Other Non-Cash (Income)/Expense
Other Operating Cashflow
Net Interest (Paid)/Received	(4,699)	(6,605)	(6,437)	(6,221)
Tax Paid	(2,990)	(3,393)	(2,971)	(3,321)
Cashflow From Operations	(17,022)	(11,587)	(83,643)	7,050
Capex	(512)	(453)	(1,552)	(987)
Disposals Of FAs/subsidiaries
Acq. Of Subsidiaries/investments	1,122	(1,999)
Other Investing Cashflow	806	3,783	800	800
Cash Flow From Investing	1,417	1,331	(752)	(187)
Debt Raised/(repaid)	15,049	17,280	74,728	(2,237)
Proceeds From Issue Of Shares	145	64	0	0
Shares Repurchased
Dividends Paid	(160)	(160)	(176)	(194)
Preferred Dividends
Other Financing Cashflow	162	(205)
Cash Flow From Financing	15,196	16,979	74,552	(2,431)
Total Cash Generated	(409)	6,724	(9,843)	4,432
Free Cashflow To Equity	(556)	7,025	(9,667)	4,626
Free Cashflow To Firm	(10,906)	(3,650)	(77,958)	13,084

(Rs mn)	Mar-23A	Mar-24F	Mar-25F	Mar-26F
Total Cash And Equivalents	7,063	13,787	3,944	8,376
Total Debtors	79,223	98,632	184,708	183,356
Inventories	7,644	7,650	5,932	6,525
Total Other Current Assets	16,368	19,327	17,683	18,276
Total Current Assets	110,299	139,396	212,267	216,534
Fixed Assets	12,907	11,592	10,647	9,475
Total Investments	3,327	5,114	5,114	5,114
Intangible Assets
Total Other Non-Current Assets
Total Non-current Assets	16,234	16,706	15,761	14,589
Short-term Debt
Current Portion of Long-Term Debt
Total Creditors
Other Current Liabilities	18,556	22,264	16,261	17,744
Total Current Liabilities	18,556	22,264	16,261	17,744
Total Long-term Debt	64,703	81,983	156,711	154,475
Hybrid Debt - Debt Component
Total Other Non-Current Liabilities
Total Non-current Liabilities	64,703	81,983	156,711	154,475
Total Provisions	212	7	7	7
Total Liabilities	83,471	104,254	172,979	172,226
Shareholders Equity	42,850	51,848	55,049	58,897
Minority Interests	210
Total Equity	43,060	51,848	55,049	58,897

	Mar-23A	Mar-24F	Mar-25F	Mar-26F
Revenue Growth	10.4%	5.0%	(17.6%)	7.1%
Operating EBITDA Growth	4.3%	6.7%	(15.2%)	3.2%
Operating EBITDA Margin	20.1%	20.4%	21.1%	20.3%
Net Cash Per Share (Rs)	(224.68)	(265.83)	(595.49)	(569.50)
BVPS (Rs)	167.03	202.11	214.58	229.58
Gross Interest Cover	2.87	2.32	1.86	2.06
Effective Tax Rate	31.2%	35.6%	46.8%	45.1%
Net Dividend Payout Ratio	1.7%	1.7%	2.8%	2.6%
Accounts Receivables Days	315.92	388.58	751.66	912.06
Inventory Days	45.10	49.85	102.95	88.20
Accounts Payables Days
ROIC (%)	18.1%	15.7%	10.4%	6.3%
ROCE (%)	13.9%	12.7%	6.9%	6.0%
Return On Average Assets	12.3%	11.4%	6.7%	5.9%

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

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

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Market Data

Source: Bloomberg