NBCC reported a poor performance in 1QFY20, with its reported revenue declining by a steep 23% YoY to Rs12.5bn, while EBITDA pummelled by 97% YoY to mere Rs19mn. PMC revenue declined by ~13% YoY, while RE and EPC revenue declined significantly by 96% and 69%, respectively. Net profit declined by 63% YoY to Rs253mn and net margin stood at 2% as against 4.1% in 1QFY19 and 6.4% in 4QFY19. While the Management did not give any convincing reason for sharp decline in revenue, it exuded confidence that revenue should recover in the ensuing quarters. We understand that slowdown in governments' expenditure, pending clearances for the key projects and general liquidity crunch impacted the execution of the company. Notably, current...