NBCC has delivered a soft performance in 2QFY18 with its top-line declining by 7% YoY to Rs11.3bn, as revenue booking was impacted due to GST implementation and slow progress in several projects. While PMC revenue declined by 3% YoY to Rs10bn (89% of total revenue), revenue from Real Estate and EPC contracted by 68% YoY and 20% YoY, respectively. However, EBITDA improved by a sharp 103% YoY to Rs800mn, as NBCC started receiving designing and DPR expenditures for the new projects from its clients. EBITDA margin rose by 385bps YoY and 242bps QoQ to 7.1%. Led by healthy operating performance, its net profit increased by 10% YoY and 33% QoQ to Rs741mn. Notably, order book stands at Rs750bn (12.2x TTM revenue)...