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	13,981	14,858	15,106
Net Profit (Rsm)	9,094	2,325	3,346	3,739
Core EPS (Rs)	23.9	9.1	13.0	14.6
Core EPS Growth	(7.0%)	(62.0%)	43.9%	11.7%
FD Core P/E (x)	12.78	33.67	23.40	20.94
DPS (Rs)	0.5	0.6	0.6	0.7
Dividend Yield	0.20%	0.23%	0.25%	0.27%
EV/EBITDA (x)	8.28	12.46	11.28	8.21
P/FCFE (x)	11.14	(9.08)	17.02	6.34
Net Gearing	131.5%	193.9%	171.6%	89.9%
P/BV (x)	1.51	1.45	1.37	1.29
ROE	12.9%	4.4%	6.0%	6.3%
% 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	13,981	14,858	15,106
Depreciation And Amortisation	(1,768)	(2,676)	(2,308)	(2,125)
Operating EBIT	15,309	11,305	12,550	12,981
Financial Income/(Expense)	(6,605)	(7,494)	(7,278)	(7,090)
Pretax Income/(Loss) from Assoc.
Non-Operating Income/(Expense)	815	1,333	1,333	1,333
Profit Before Tax (pre-EI)	9,519	5,143	6,604	7,224
Exceptional Items
Pre-tax Profit	9,519	5,143	6,604	7,224
Taxation	(3,393)	(2,818)	(3,258)	(3,485)
Exceptional Income - post-tax	2,968
Profit After Tax	9,094	2,325	3,346	3,739
Minority Interests
Preferred Dividends
FX Gain/(Loss) - post tax
Other Adjustments - post-tax
Net Profit	9,094	2,325	3,346	3,739
Recurring Net Profit	6,126	2,325	3,346	3,739
Fully Diluted Recurring Net Profit	6,126	2,325	3,346	3,739

(Rs mn)	Mar-24A	Mar-25F	Mar-26F	Mar-27F
EBITDA	17,077	13,981	14,858	15,106
Cash Flow from Invt. & Assoc.
Change In Working Capital	(18,666)	(35,608)	2,670	39,904
(Incr)/Decr in Total Provisions
Other Non-Cash (Income)/Expense
Other Operating Cashflow
Net Interest (Paid)/Received	(6,605)	(7,494)	(7,278)	(7,090)
Tax Paid	(3,393)	(2,818)	(3,258)	(3,485)
Cashflow From Operations	(11,587)	(31,940)	6,992	44,435
Capex	(453)	(2,052)	(1,487)	(2,046)
Disposals Of FAs/subsidiaries
Acq. Of Subsidiaries/investments	(1,999)	(3,686)
Other Investing Cashflow	3,783	1,333	1,333	1,333
Cash Flow From Investing	1,331	(4,405)	(154)	(713)
Debt Raised/(repaid)	17,280	27,728	(2,237)	(31,368)
Proceeds From Issue Of Shares	64	0	0	0
Shares Repurchased
Dividends Paid	(160)	(176)	(194)	(213)
Preferred Dividends
Other Financing Cashflow	(205)
Cash Flow From Financing	16,979	27,552	(2,431)	(31,581)
Total Cash Generated	6,724	(8,793)	4,407	12,140
Free Cashflow To Equity	7,025	(8,617)	4,601	12,354
Free Cashflow To Firm	(3,650)	(28,851)	14,116	50,812

(Rs mn)	Mar-24A	Mar-25F	Mar-26F	Mar-27F
Total Cash And Equivalents	13,787	4,994	9,400	21,541
Total Debtors	98,632	131,266	129,753	90,228
Inventories	7,650	7,897	6,318	6,950
Total Other Current Assets	19,327	18,595	18,069	18,700
Total Current Assets	139,396	162,752	163,540	137,419
Fixed Assets	11,592	10,968	10,147	10,069
Total Investments	5,114	8,800	8,800	8,800
Intangible Assets
Total Other Non-Current Assets
Total Non-current Assets	16,706	19,768	18,947	18,869
Short-term Debt
Current Portion of Long-Term Debt
Total Creditors
Other Current Liabilities	22,264	18,805	17,857	19,500
Total Current Liabilities	22,264	18,805	17,857	19,500
Total Long-term Debt	81,983	109,711	107,475	76,107
Hybrid Debt - Debt Component
Total Other Non-Current Liabilities
Total Non-current Liabilities	81,983	109,711	107,475	76,107
Total Provisions	7	7	7	7
Total Liabilities	104,254	128,523	125,338	95,613
Shareholders Equity	51,848	53,997	57,149	60,674
Minority Interests
Total Equity	51,848	53,997	57,149	60,674

	Mar-24A	Mar-25F	Mar-26F	Mar-27F
Revenue Growth	5.0%	(25.6%)	15.2%	7.2%
Operating EBITDA Growth	6.7%	(18.1%)	6.3%	1.7%
Operating EBITDA Margin	20.4%	22.5%	20.8%	19.7%
Net Cash Per Share (Rs)	(265.83)	(408.19)	(382.30)	(212.70)
BVPS (Rs)	202.11	210.48	222.77	236.51
Gross Interest Cover	2.32	1.51	1.72	1.83
Effective Tax Rate	35.6%	54.8%	49.3%	48.2%
Net Dividend Payout Ratio	1.7%	3.4%	2.9%	3.0%
Accounts Receivables Days	388.58	675.40	665.56	523.02
Inventory Days	49.85	130.50	103.56	90.13
Accounts Payables Days
ROIC (%)	15.7%	9.8%	8.4%	8.9%
ROCE (%)	12.7%	7.6%	7.6%	8.6%
Return On Average Assets	11.4%	7.5%	7.6%	8.5%

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

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

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Market Data

Source: Bloomberg