NCC reported a decent set of numbers in Q4FY21 with revenue growth of 20% YoY to | 2617.7 crore on a standalone basis. The topline growth was mainly driven by strong order book position and pick-up in execution. However, operating margin declined 179 bps YoY to 11.1% owing to higher sub-contracting expenses. Consequently, operating profit improved merely 3.3% YoY to | 289.7 crore. At the net level, a decent operating performance coupled with benign depreciation and interest cost has translated into 11.4%...