PNC Infratech jumps 4% on road assets sale buzz

private equity major KKR’s Highways Infrastructure Trust is said to be looking at 12 projects in Uttar Pradesh, Madhya Pradesh and Rajasthan

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Shares of PNC Infratech advanced 4.11 percent to Rs 331.65 on June 15 afternoon following reports that an arm of private equity major KKR is in talks with the Agra-based company to acquire 12 road projects for an enterprise value of about Rs 9,000 crore.

KKR’s roads platform Highways Infrastructure Trust is looking to acquire the projects — 11 hybrid annuity model (HAM) roads and one build-operate-transfer (BOT) road, the Economic Times newspaper reported sources as saying.

These projects are in Uttar Pradesh, Madhya Pradesh and Rajasthan.

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Seven of the 12 projects are already operational and the remaining are expected to be ready in the next three-four months.

PNC Infratech is engaged in the construction of highways, bridges, flyovers, airport runways and allied activities.

For the quarter ended March 2023, it reported revenue of Rs 2,114.65 crore and a net profit of Rs 184.46 crore, up 33 percent from the year-ago period. EBITDA margin improved by 102 basis points to 13.5 percent in FY23 due to a better mix and a fall in other expenses. One basis point is one-hundredth of a percentage point.

“The company expects the pace of construction to pick up in FY24 and has guided for 15 percent YoY revenue growth with a margin of 13-13.5 percent,” domestic brokerage Geojit said in a recent note.

In FY23, the order inflow was tepid at Rs 4,900 crore but the order book remains strong at Rs 20,530 crore.

The company is targetting an order inflow of around Rs 12,000 crore in the current financial year, with 70 percent of it coming from the road segment.

Shares of the company are up 7 percent this year but the 1-year return stands at nearly 40 percent.

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