impacted at 10-15% below pre-covid levels in Apr-May'21. NCC reported strong quarterly numbers as revenues came in above our and street estimates owing to ramp in execution across its project sites. However, Liquidity position continues to remain robust on the back of reduced debt (Rs1.2bn in FY21), lower rate Covid loans and reduced performance BG requirements. Management expects the working capital levels to ease further as group companies' exposure is expected to reduce in FY22 (Rs1.6bn reduction in FY21) and receivable from AP Govt. for stalled projects (Rs1.2bn...