NCC Q3 Review - Strong Order Inflow To Drive Growth: Dolat Capital
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Dolat Capital Report
NCC Ltd. reported revenue and adjusted profit after tax below estimates but Ebitda margins in line.
The company posted 9.4%/4.3%/36.3% YoY de-growth in revenue/Ebitda/APAT to Rs 19.2 billion/Rs 2.4 billion/Rs 703 million due to muted execution.
After adjusting Rs 502 million (Q3 FY20), APAT increased 17.0% YoY to Rs 703 million.
We broadly maintain our FY21E estimates.
Considering Covid-19 impact is receding and behind us, leading to normalisation of labour availability and execution levels, we expect the company to report healthy revenue and profit after tax growth from Q4 FY21E and the pace of which will increase in FY22E.
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