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Dolat Capital Report
NCC Ltd. reported results in line with estimates on all fronts. NCC posted weak set of numbers with 46.1%, 56.6% and 79.2% YoY de-growth in revenue, Ebitda and profit after tax to Rs 11.8 billion, Rs 1.2 billion and Rs 169 million respectively due to muted execution amid Covid-19 lockdown.
After adjusting for tax credit of Rs 320.3 million, adjusted profit after tax reported a loss of Rs 151 million versus profit of Rs 813 million (Q1 FY20).
We maintain our estimates for FY21E/FY22E considering in-line Q1 FY21 quarter and in-line order inflows as on date. NCC is likely to post 15.9% de-growth in FY21E revenue and 19.2% growth in FY22E.
The management has refrained from giving any revenue or margin guidance for FY21E, however, expects performance to improve sequentially going forward.
Though increasing labour availability and execution levels is positive for the company, we expect NCC to still report decline on top line and bottom line for Q2 FY21E and Q3 FY21E likely to be a flattish quarter.
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