Centrum Broking: NCC Set For Strong Rebound; AP Recoveries Key Trigger
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Centrum Broking Report
NCC Ltd. received robust order inflows of Rs 103 billion in year-to-date FY21, surpassing its annual guidance of Rs 100 billion.
Standalone order backlog was approximately Rs 280 billion in September 2020 and present unadjusted backlog stands at Rs 328 billion (4.7 times trailing twelve months revenues).
Quality of order inflows is largely good with only the Rayalaseema Lift Irrigation Scheme order of Rs 9.6 billion (NCC’s share) at risk of delayed start.
With an level-1 position of ~ Rs 7.5 billion and peak activity season ahead of us, we expect NCC to end FY21 with a stellar order inflow of ~Rs 130-150 billion.
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