Aided by strong order book and improved execution, NCC has reported a strong performance in 4QFY18, with its revenue rising by 12% YoY and 29% QoQ to Rs23.9bn (marginally ahead of our estimate). EBITDA sharply surged by 75% YoY and 19% QoQ to Rs3bn (vs. our estimate of Rs2.5bn) owing to an incremental EBITDA of Rs210mn from arbitration amount received from NHAI (Rs500mn impact on revenue). EBITDA margin stood at 12.7% compared to 8.1% and 13.8% in 4QFY17 and 3QFY18, respectively. Adjusted net profit grew by 29% YoY and 2% QoQ to Rs1.2bn. Notably, its debt declined by Rs2.8bn to Rs13bn during the quarter. With fresh orders worth Rs233bn in FY18 (vs. Rs92bn in FY17), its outstanding order book now stands...