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Prabhudas Lilladher Report
NCC Ltd. reported strong quarterly numbers as revenues came in above our and street estimates owing to ramp in execution across its project sites.
However, on account of the second wave of the pandemic, execution has been impacted as operational efficiency dropped ~10-15% below pre-Covid-19 levels in April-May 2021.
Liquidity position continues to remain robust on the back of reduced debt (Rs 1.2 billion in FY21), lower rate Covid loans and reduced performance bank guarantee requirements.
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