NCC reported healthy 4QFY20 results better than our estimates driven by lower than anticipated impact on execution in its key projects, due to nationwide lockdown. Further construction activity gradually resumed towards end of Apr'20 with over ~90% of projects commencing operations (operating at 50-70% capacity). The company received disbursements on time from Central Government Agencies (including NHAI, AIIMS and Airports Authority of India), however some delays were witnessed from State Govt authorities as focus shifted towards welfare and health services. In addition...