NCC Ltd. (NCC) delivered APAT beat largely on account of an Rs 193mn reduction in YoY interest costs. On the balance sheet front, gross debt is stable at Rs 20.6bn (-Rs 173mn QoQ) and net D/E stood at 0.55x. Debtors increased to 76 days vs. 70 days in 2QFY17. 9MFY17 standalone order inflow stood at Rs 62.6bn ex-L1/subsidiary orders of Rs 30/30.5bn.