News: NCC reported topline of ₹ 4312 crore, up 42% YoY. During the quarter, company charged one-off ₹ 351 crore towards Sembcorp arbitration while credited ₹ 152 crore towards another claim. Adjusted for this topline was ₹ 4511 crore up 49% YoY. Adjusted margins at 10.7% was up 105 bps YoY. Adjusted PAT was up 79% YoY at ₹ 218 crore.
Views: The company also had an improved balance sheet in H1FY24 with net working capital days of 94 days vs. 102 days in FY23. With strong order book of ₹ 61796 crore, more than 4x book to bill, we expect NCC to continue its strong revenue and earnings growth ahead.
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