We maintain BUY with a SOTP TP of Rs 159/sh. NCC Ltd. (NCC) 4QFY18 revenues (after adjusting one time claims) came in at Rs 23.5bn (+9.6%YoY, +31.9% QoQ). FY18 revenues (adjusted for Rs 730mn bonus & Rs 500mn claims) came in at Rs 74.4bn. EBITDA margins for FY18 (10.4%) signaled a sustained movement upwards considering the order book mix.