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Dolat Capital Report
NCC Ltd. reported results beats estimate on all fronts. The company posted 42.7%/ 12.8% YoY growth in revenue/ Ebitda to Rs 22.0 billion/ Rs 2.4 billion led by better execution.
Adjusted profit after tax grew by 25.1% in Q2 FY22 to Rs 731 million. We broadly maintain estimates for FY22E/ FY23E and introduce FY24E.
NCC is likely to post strong revenue growth of 32.8% in FY22E primarily driven by strong inflow of Rs 189.1 billion/ Rs 86.5 (including level-one of Rs 26 billion) billion in FY21/ YTD22.
We factor normalised revenue growth of 21.4%/ 10% in FY23E/ FY24E. We factor working capital (% of revenue) of 52.9% (FY22E)/ 49.6% (FY23E)/ 49.4% (FY24E) versus 60.4% (FY21).
We factor increase in debt to Rs 19.7 billion/ Rs 20.6 billion/ Rs 19.4 billion (FY22E/ FY23E/ FY24E) from Rs 17.9 bn (FY21).
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