PNC Infratech jumps 5% after emerging as lowest bidder for CIDCO project worth ₹2,090 crore

PNC Infratech reported that the project is in an engineering, procurement, and construction (EPC) mode and was awarded to the company jointly with Aakshya Infra Projects. The project is for the integrated infrastructure development of 20-meter and above-wide roads. It also calls for the construction of various major and minor structures, including a flyover, minor bridges, VUPS, and PUPs. Additionally, the project entails allied electrical works in TPS-8, 9, and TPS-12 under the NAINA Project.

Last month, the company announced that it had received a provisional completion certificate (PCOD) for a project for the four laning of the Challakere to Hiriyur section of the NH-150A. The project was undertaken on a hybrid annuity mode (HAM) under the Bharatmala Pariyojna in the state of Karnataka. The project was worth ₹935.19 crore and was appointed on 25 January 2021.

In the first quarter of FY25, PNC Infratech reported a 218% year-on-year (YoY) surge in net profit to ₹575 crore. The company’s consolidated revenue for the quarter was up 4% YoY to ₹2,168 crore.

In Q1FY25, the company’s earnings before interest, taxes, depreciation, and amortisation (EBITDA) jumped 122% YoY to ₹969 crore. The EBITDA margins improved significantly as it expanded by 2,383 basis points (bps) YoY to 44.7%. Meanwhile, the net profit margin for the quarter saw an expansion of 1,790 bps YoY to 26.5%.

At the end of the quarter, the company’s order book comprised 74% of EPC projects, 13% toll/annuity projects, and 13% of water projects.

Shares of the company have risen by nearly 29% since the beginning of the year. The stock has gained over 21% in the past year.