Mumbai: Foreign brokerage Nomura said PNC Infratech NSE 6.71 % is its preferred pick in the road engineering, construction and procurement space due to a combination of strong execution, robust balance sheet and relatively inexpensive valuations. Retaining a buy recommendation, Nomura has lifted target price to Rs 385 from Rs 364 on stronger order inflow prospects and execution outlook.
“PNC has delivered ahead of management guidance with FY21 revenue at Rs 4,930 crore, exceeding the FY20 level of Rs 4,877 crore…with a strong order book of Rs 1650 crore at the end of FY21, PNC can deliver at least two years of strong revenue growth, significantly ahead of consensus estimates,” said Nomura.
