NBCC has reported a mixed performance in 1QFY19. While its revenue witnessed a significant ~45% YoY growth (GST adjusted), EBITDA declined by 7% YoY and 67% QoQ to Rs547mn (significantly lower than our estimate) and EBITDA margin fell by 131bps YoY and 435bps QoQ to 3.4%. Execution of low-margin works and unbilled revenue were the prime reasons for dismal margins, which the management expects to improve in subsequent quarters. Net profit grew by 21% YoY (-52% QoQ) to Rs677mn mainly supported by 79% YoY growth in other income. While current order book at Rs800bn continues to look impressive, Rs350bn of order backlog is under execution phase. Order inflow for 1QFY19 stood at Rs40bn and NBCC expects to add...