NCC Ltd. share price target

NCC's topline de-grew 2.8% YoY to | 1850.7 crore (our estimate: | 2027.1 crore) possibly due to adjustment of indirect taxes and GST EBITDA margins expanded significantly by 460 bps YoY to 13.8% (our...

NCC (standalone) bagged historical high orders worth `148.9bn during YTDFY18 leading to highest ever standalone order book to `258bn (Oct'17) providing revenue visibility for 3.5x TTM revenue. Considering sharp surge in order inflow, we upgraded our order inflow estimates to...

On back of strong order inflows (Rs 148.8bn) we increase our TP to Rs 115/sh. Maintain BUY. NCC Ltd. (NCC) reported weak execution partly on account of revenues net of GST (Rev Rs 1.3bn lower) and partly on Rs 2.5bn of revenue not billed due to lack of clarity on GST at client/suppliers end. NCC recorded Rs 590mn of exceptional loss (non-cash) on account of stake sale in Tellapur Technocity and received Rs 250mn. Balance proceeds of Rs 630mn will come in Mar-18E.

ICICI Securities Ltd | Retail Equity Research NCC's topline de-grew 33.3% YoY to | 1300.1 crore (our estimate: | 2019.8 crore) possibly due to muted execution during the quarter EBITDA margin contracted 70 bps YoY to 9.5% (our estimate: 8.5%) due to lower construction cost (10.3% in Q2FY18 vs 11.4% in Q2FY17) Reported PAT de-grew 60.7% YoY to | 20.1 crore (our expectation: | 55.1 crore). However, it included an exceptional loss of | 59 crore relating to expected loss from sale of assets and company also...

Revenue fell by 5.87% to Rs. 2013.73 Cr in Q1FY18 when compared to the previous quarter Revenue fell by 5.87% to Rs. 2013.73 Cr in Q1FY18 when compared to the previous quarter

Maintain NETRUAL with SOTP of Rs 96/sh Whilst NCC Ltd. (NCC) reported in line performance, APAT (17.5%) beat was largely on account of lower interest expense. On the balance sheet front, gross debt has increased to Rs 18bn (+Rs 2.2bn QoQ) and net D/E stood at 0.51x. Debtors increased to 89 days vs. 74 days in 4QFY17. NCC attributed this to extra billing ahead of GST cutoff. 1QFY18 standalone order inflow stood at Rs 60.5bn ex-L1 orders of Rs 8bn, resulting in Rs 220bn order backlog.

NCC's Q1FY18 results were above our expectation on the topline front while EBITDA margins came in below our estimates Topline grew 5.9% YoY to | 2013.7 crore (our estimate: | 1916.5 crore) possibly due to strong execution during the quarter EBITDA margin contracted 23 bps YoY to 8.5% (our estimate: 9.0%)...

In-line Performance; Healthy Order Inflow Catches Attention NCC has delivered a broadly in-line performance in 1QFY18 with its top-line growing by 6% YoY to Rs20.1bn vs. our estimate of Rs20.6bn. While EBITDA grew by 3% YoY to Rs1.71bn (vs. our estimate of Rs1.76bn), EBITDA margin came in at 8.5% (-23 bps YoY and +35 bps QoQ). Finance cost declined by 8% YoY and 16% QoQ to Rs861mn led by a reduction in interest rates. Adjusted profit came in at Rs551mn (reported profit at Rs634mn) in 1QFY18 compared to Rs523mn in 1QFY17 and Rs637mn in 4QFY17. Though the margins were impacted due to absence of profit booking from select water and residual power projects, a significant jump in order inflow to...

NCC standalone bagged fresh orders worth `60.5bn (up 67.2% YoY) during Q1FY18. Moreover, it has L1 orders worth ~`25-30bn. The standalone order book grew 12.7% YoY/ 26.6% QoQ to `193.1bn (excluding `18.5bn MDO order) as on Q1FY18 providing revenue visibility for 2.4x TTM revenue. Considering sharp surge in order inflow and L1, we upgraded/ maintained...

Revenue rose by 12.39% to Rs. 2139.42 Cr in Q4FY17 when compared to the previous quarter