NCL Industries - Growth To Normalise After Stellar Performance: ICICI Direct
Wet concrete at an industrial site. (Photographer: Bing Guan/Bloomberg)

NCL Industries - Growth To Normalise After Stellar Performance: ICICI Direct


BQ Blue’s special research section collates quality and in-depth equity and economy research reports from across India’s top brokerages, asset managers and research agencies. These reports offer BloombergQuint’s subscribers an opportunity to expand their understanding of companies, sectors and the economy.

ICICI Direct Report

NCL Industries Ltd.’s FY21 performance improved sharply with the company reporting revenue growth of 47.5% YoY to Rs 1383.7 crore along with Ebitda margin expansion of over 556 basis points to 20.4% and profit after tax of over Rs 148.8 crore despite pandemic woes.

Significant volume catch-up from Q2 FY21 onwards supported by firm realisations helped the company to post a healthy performance.

Although Q4 FY21 margins remained lower at 16.4%, this was partly led by cost pressures (higher petcoke, fuel prices) and the change in sales mix (increase in non-retail share) due to pick-up in infra that led to 2% QoQ drop in realisations.

Click on the attachment to read the full report:

ICICI Direct NCL Company Update.pdf


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