Stock market today: PNC Infratech’s share price rose more than 11% in morning trading on Monday after the results were announced after the market closed on Friday. The net profit reported by PNC Infratech was ₹422 crore grew many times ₹157 crore in the first quarter of last year, while PNC Infratech’s consolidated net profit was ₹575 crore also grew significantly above ₹181 crore in the same quarter last year.
This helped boost investor confidence and boost share prices. PNC Infratech’s share price opened ₹520, more than 11% higher than the previous closing price of ₹429.75, on the NSE on Monday
One-off gains increase Q1 profit
Net profit in the first quarter was boosted by certain one-time gains. However, the company’s standalone revenues were ₹1744 Crore in Q1FY25 decreased by ₹1861 crore in Q1FY24. The consolidated revenue at ₹2168 crore was only slightly higher than ₹2092 Crore in the previous quarter.
The company said the contract revenue for the quarter ended June 30, 2024 includes Rs 378.81 crore for execution of the settlement agreement between the National Highways Authority of India and PNC’s two Special Project Vehicles (SPVs) under the Government of India’s ‘Vivad Se Vishwas’ scheme. It also includes Rs 56.39 crore as bonus for early completion of one of its EPC projects in Maharashtra.”
