NCC - Robust Order Backlog Provides Strong Revenue Visibility: HDFC Securities

The management expects order inflows to gain momentum given strong emphasis in affordable housing, Jal Jeevan mission etc.
<div class="paragraphs"><p>Subway and flyover project in Latur carried out by NCC Ltd. (Photo: Company website)</p></div>
Subway and flyover project in Latur carried out by NCC Ltd. (Photo: Company website)

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HDFC Securities Retail Research

NCC Ltd. has well-diversified order book, robust execution capabilities, strong focus on debt reduction and improvement of working capital. Segment diversity across building, mining, railways, electrical, water and environment is one of the key differentiators at NCC.

Company’s focus is to remain asset light coupled with strong execution and financial discipline. The company will pursue build-operate-transfer and build, own, operate, transfer projects with special focus on roads and power.

NCC’s vast experience and proven execution capabilities can help leverage rising opportunities in the buildings, water infra, transportation, metros, defence and airports as the awarding momentum pickup.

In the recent budget, the Finance Minister shifted the gear on capex front with major thrust on National Infrastructure Pipeline targets and various infra related schemes.

We expect revenue/Ebitda/profit after tax to grow at compound annual growth rate of 15.9%/17.8%/30.4% over FY22-25E.

Click on the attachment to read the full report:

HDFC Securities Retail Research NCC Ltd - Stock Note.pdf
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