Maintain NETRUAL with SOTP of Rs 96/sh Whilst NCC Ltd. (NCC) reported in line performance, APAT (17.5%) beat was largely on account of lower interest expense. On the balance sheet front, gross debt has increased to Rs 18bn (+Rs 2.2bn QoQ) and net D/E stood at 0.51x. Debtors increased to 89 days vs. 74 days in 4QFY17. NCC attributed this to extra billing ahead of GST cutoff. 1QFY18 standalone order inflow stood at Rs 60.5bn ex-L1 orders of Rs 8bn, resulting in Rs 220bn order backlog.