Robust Performance on Operational Parameters; Maintain HOLD NBCC's reported 4QFY17 performance has topped our estimates mainly on account of a substantial improvement in operating performance. Top-line grew by 5% YoY to Rs23.4bn aided by 114% YoY improvement in real estate revenue. While PMC revenue improved by 6% YoY to Rs20.7bn (89% of total revenue), EPC revenue contracted by 26% YoY to Rs1.6bn. EBITDA improved by a sharp 133% YoY and 225% QoQ to Rs2.05bn, while EBITDA margins stood at strong 8.8% (+483bps YoY and +429bps QoQ). Net profit stood Rs1.75bn (+43% YoY and +174% QoQ) mainly supported by healthy operating performance. Notably, order Book stands at Rs740bn (11.9x FY17...