On back of strong order inflows (Rs 148.8bn) we increase our TP to Rs 115/sh. Maintain BUY. NCC Ltd. (NCC) reported weak execution partly on account of revenues net of GST (Rev Rs 1.3bn lower) and partly on Rs 2.5bn of revenue not billed due to lack of clarity on GST at client/suppliers end. NCC recorded Rs 590mn of exceptional loss (non-cash) on account of stake sale in Tellapur Technocity and received Rs 250mn. Balance proceeds of Rs 630mn will come in Mar-18E.