NCC Q4 Review - Strong Execution Drives Outperformance: Prabhudas Lilladher
Workers talk on mobile phones at a road construction site in Bhopal District, Madhya Pradesh, India. (Photographer: Anindito Mukherjee/Bloomberg)

NCC Q4 Review - Strong Execution Drives Outperformance: Prabhudas Lilladher

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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.

Click on the attachment to read the full report:

Prabhudas Lilladher NCC Q4FY21 Result Update.pdf

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