Aided by robust order backlog, the top-line of NBCC (India) Ltd. grew by ~14% yoy to Rs12.5bn in 1QFY17, lower than our estimates of Rs13.0bn mainly owing to subdued performance of real estate division. PMC which contributes 94% to its top-line grew by 21% yoy supported by healthy PMC orders in its order book. EBITDA declined by ~17% yoy to Rs259mn and consequent EBITDA margins came in at mere 2.1%, (-77bps yoy and -313bps qoq), while net profit grew by ~15% yoy to Rs454mn. As per its Management, operating margins would improve in coming quarters with the beginning of revenue booking from new re-development projects and pick-up in execution from new...