Dolat Capital: NCC Q2 Review - Beat On All Fronts, Back On Growth Path
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Dolat Capital Report
NCC Ltd. reported results above estimates on all fronts.
The company posted 11.0%/ 10.0%/ 27.0% YoY de-growth in revenue/ Ebitda/ profit after tax to Rs 15.4 billion/ Rs 2.1 billion/ Rs 584 million due to muted execution due to Covid-19 lockdown.
After adjusting Rs 501 million (Q2 FY20), adjusted profit after tax increased 94.9% YoY to Rs 584 million.
We increase our revenue estimates by 10.7%/ 4.5% and Ebitda margin by 73/ 56 basis points for FY21E/ FY22E considering H1 FY21 results and order inflows as on date.
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