We maintain BUY with an increased TP of Rs 184/sh (previous TP 175). NCC Ltd. (NCC) reported robust 3QFY19 revenue of Rs 32.3bn (13% beat). EBIDTA margin expanded 119bps YoY to 12.2% (vs ~11.5% guidance) owing to higher revenue contribution from the electrical division (which has better margin). APAT came in at Rs 1.6bn (25% beat).