NCC Q1 Review - Execution Ramp Up Witnessed: Prabhudas Lilladher
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Prabhudas Lilladher Report
NCC Ltd. reported healthy Q1 FY22 results better than our estimates driven by lower than anticipated impact on execution in key projects, owing to second wave and healthy Ebitda margins of 10.6%.
Tendering pipeline continues to remain healthy across segments with NCC bagging orders worth Rs 31.7 billion in Q1.
Liquidity position continues to remain robust on the back of reduced interest rates, low rate Covid-19 loans and reversal of bank guarantee’s as execution ramps up.
The company received timely disbursements from Central Government agencies, however some delays were witnessed from State government authorities as focus shifted towards welfare and healthcare services.
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