News: NCC reported standalone topline of ₹ 5488 crore, up 36% YoY led by strong execution and robust order book. EBITDA margins at 9.4% was down 120 bps YoY. Adj PAT was up 37% YoY at ₹ 244 crore. For FY24, topline at ₹ 18639 crore, was up 38% YoY. Adj. PAT at ₹ 837 crore was up 47% YoY.
Views: The company also had an improved balance sheet net debt of ₹ 517 crore. With strong standalone order book of ₹ 51483 crore, ~2.8x book to bill, the company guided for 15% growth in FY25, with order inflows of ₹20000-22000 crore. It expects a flattish margins range of 9.5-10% given the project mix, with improvement likely in FY26. We expect NCC to continue its healthy revenue and earnings growth ahead.
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