While NCC Ltd. (NCC) disappointed on execution, APAT beat was largely on account of higher other income. On the balance sheet front, standalone gross debt is stable at Rs 15.8bn (-Rs 4.6bn QoQ), and net D/E stood at 0.42x. Debtors decreased to 74 days vs. 76 days in 3QFY17. The FY17 standalone order inflow stood at Rs 92.3bn, ex-L1 orders of Rs 20bn.