In-line Performance; Healthy Order Inflow Catches Attention NCC has delivered a broadly in-line performance in 1QFY18 with its top-line growing by 6% YoY to Rs20.1bn vs. our estimate of Rs20.6bn. While EBITDA grew by 3% YoY to Rs1.71bn (vs. our estimate of Rs1.76bn), EBITDA margin came in at 8.5% (-23 bps YoY and +35 bps QoQ). Finance cost declined by 8% YoY and 16% QoQ to Rs861mn led by a reduction in interest rates. Adjusted profit came in at Rs551mn (reported profit at Rs634mn) in 1QFY18 compared to Rs523mn in 1QFY17 and Rs637mn in 4QFY17. Though the margins were impacted due to absence of profit booking from select water and residual power projects, a significant jump in order inflow to...