India's PNC Infratech hits 1.5-yr low on Q2 profit fall

PNC Infratech

13/11/2024 06:43

** Shares of PNC Infratech  PNCI.NS  fall as much as 7.1% to
295.55 rupees, hitting their lowest since May 2023; last down
~4%
** Construction co reports a ~44% fall in Sept-qtr consol profit
after tax to 834.6 million rupees ($9.9 million) while rev from
ops fell 25%
    ** Avg rating of 14 analysts covering PNCI at "buy" while
peers HG Infra Engineering  HGIN.NS  and G R Infraprojects
 GINF.NS  rated "strong buy" and "hold", respectively
    ** PNCI's median PT is at 525 rupees - LSEG data
    ** Stock down ~13% so far this year vs a ~41% and ~36% rise
in HGIN and GINF, respectively
     
     
    ($1 = 84.3930 Indian rupees)

(Reporting by Dimpal Gulwani in Bengaluru)
((dimpal.gulwani@thomsonreuters.com))