Brokerages bullish on PNC Infra despite dismal Q1 numbers; here’s why
Brokerages remain positive on PNC Infratech NSE 2.15 % even as the company reported a 49% drop in consolidated net profit for the June quarter at Rs 91.7 crore.
Strong order book and balance sheet are the key reasons why brokerages have retained ‘buy’ ratings on the stock.
“The biggest positive was the company being able to manage the margins (yoy and qoq), with active cost controls. The orderbook, post the recent wins appears robust at 3.5 times book-to-sales,” said Phillip Capital, raising target price on the stock to Rs 270 from Rs 260 and maintaining a buy rating.
