NCC's reported performance has come in below the expectation as dismal revenue booking and higher exceptional items dragged earnings. Further, a lower than estimated order inflow aggravated the concern. Its top-line de-grew by 13% YoY to Rs21.4bn (vs. our expectation of Rs23bn), mainly owing to revenue loss in its electrical division in UP due to assembly elections. While EBITDA declined by 17% YoY (flat on sequential comparison) to Rs1.74bn, EBITDA margin came in at 8.1% (-38 bps YoY and -101 bps). Finance cost declined by 22% YoY to Rs1.02bn led by a significant reduction in gross debt. However, exceptional item of Rs500mn pertaining to liquidated damage (DLD) for Nellore power project dragged its PBT to Rs440mn (-59% YoY...