NCC Q4 Review - Decent Performance; Order Book Remains Strong: ICICI Direct
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ICICI Direct Report
NCC Ltd. reported a decent set of numbers in Q4 FY21 with revenue growth of 20% YoY to Rs 2617.7 crore on a standalone basis.
The topline growth was mainly driven by strong order book position and pick-up in execution.
However, operating margin declined 179 basis points YoY to 11.1% owing to higher sub-contracting expenses.
Consequently, operating profit improved merely 3.3% YoY to Rs 289.7 crore.
At the net level, a decent operating performance coupled with benign depreciation and interest cost has translated into 11.4% YoY growth to Rs 115.5 crore in adjusted profit after tax.
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