NCC Ltd

NCC Ltd

₹ 330 -1.30%
16 Jul - close price
About

Incorporated in 1978, NCC Limited undertakes turnkey EPC contracts and BOT projects on Public-Private Partnership basis[1]

Key Points

Business Overview:[1]
NCC does construction of roads, buildings, irrigation, water and environment, electrical, metals, mining and railways. It also has interests in road and energy projects through its 62.1% owned subsidiary NCC Infrastructure Holdings Limited and in real estate through its 80% owned subsidiary NCC Urban Infrastructure. Company has presence in the Middle East through its subsidiaries in Muscat and Dubai. In FY24, company entered the new segment of Smart Meters and bagged three projects worth Rs 8080 crore. They have started field trial of Smart Meters for Bihar and are planning to start field trials for Maharashtra next month.[2]

  • Market Cap 20,694 Cr.
  • Current Price 330
  • High / Low 349 / 136
  • Stock P/E 28.2
  • Book Value 106
  • Dividend Yield 0.67 %
  • ROCE 22.1 %
  • ROE 11.4 %
  • Face Value 2.00

Pros

  • Company is expected to give good quarter
  • Company has been maintaining a healthy dividend payout of 22.5%
  • Debtor days have improved from 70.8 to 54.6 days.
  • Company's working capital requirements have reduced from 88.0 days to 61.6 days

Cons

  • Company has a low return on equity of 9.36% over last 3 years.
  • Company's cost of borrowing seems high

* The pros and cons are machine generated. Pros / cons are based on a checklist to highlight important points. Please exercise caution and do your own analysis.

Peer comparison

Sector: Construction Industry: Construction

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Quarterly Results

Consolidated Figures in Rs. Crores / View Standalone

Mar 2021 Jun 2021 Sep 2021 Dec 2021 Mar 2022 Jun 2022 Sep 2022 Dec 2022 Mar 2023 Jun 2023 Sep 2023 Dec 2023 Mar 2024
2,817 2,064 2,581 3,015 3,477 3,321 3,373 3,910 4,949 4,380 4,720 5,260 6,485
2,511 1,853 2,315 2,739 3,208 3,013 3,063 3,533 4,484 3,971 4,416 4,755 5,934
Operating Profit 306 211 266 276 269 308 310 376 465 409 304 505 551
OPM % 11% 10% 10% 9% 8% 9% 9% 10% 9% 9% 6% 10% 8%
13 20 51 18 187 32 32 56 24 28 28 29 13
Interest 123 110 120 121 127 111 123 138 143 132 153 156 153
Depreciation 45 46 47 47 46 48 50 52 53 53 53 53 52
Profit before tax 151 75 150 126 283 181 169 242 293 252 125 325 358
Tax % 22% 28% 19% 33% 17% 24% 19% 30% 31% 27% 31% 29% 33%
118 54 122 84 234 137 138 168 203 184 86 231 239
EPS in Rs 1.92 0.82 1.87 1.25 3.97 2.09 2.09 2.51 3.04 2.76 1.23 3.51 3.81
Raw PDF

Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024
6,968 7,272 9,513 9,527 9,001 8,391 12,896 8,901 7,949 11,138 15,553 20,845
6,146 6,514 8,513 8,540 8,326 7,518 11,303 7,824 7,030 10,110 14,094 19,076
Operating Profit 823 758 1,000 987 675 873 1,592 1,077 919 1,028 1,459 1,769
OPM % 12% 10% 11% 10% 8% 10% 12% 12% 12% 9% 9% 8%
91 105 127 71 87 -23 17 63 105 272 144 99
Interest 595 654 737 643 513 460 522 554 480 478 515 595
Depreciation 228 235 277 248 203 172 193 199 181 187 203 212
Profit before tax 90 -27 113 167 46 219 894 387 363 635 885 1,061
Tax % 42% 138% 45% 51% 82% 37% 37% 19% 22% 22% 27% 30%
45 -9 48 82 8 139 568 314 283 494 646 740
EPS in Rs 1.01 0.06 0.97 2.17 0.57 2.81 9.63 5.52 4.40 7.91 9.70 11.32
Dividend Payout % 14% 156% 41% 28% 70% 36% 16% 4% 18% 25% 23% 19%
Compounded Sales Growth
10 Years: 11%
5 Years: 10%
3 Years: 38%
TTM: 34%
Compounded Profit Growth
10 Years: 57%
5 Years: 3%
3 Years: 41%
TTM: 25%
Stock Price CAGR
10 Years: 22%
5 Years: 33%
3 Years: 52%
1 Year: 138%
Return on Equity
10 Years: 7%
5 Years: 8%
3 Years: 9%
Last Year: 11%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024
Equity Capital 51 51 111 111 111 120 120 122 122 122 126 126
Reserves 2,645 2,715 3,291 3,281 3,336 3,962 4,448 4,784 5,023 5,454 6,041 6,514
3,909 3,914 3,390 3,208 2,572 2,061 2,691 2,181 2,062 1,302 974 980
4,585 5,435 5,753 5,721 5,090 6,265 7,401 6,724 6,333 7,579 9,409 10,478
Total Liabilities 11,190 12,115 12,545 12,321 11,109 12,408 14,660 13,812 13,540 14,458 16,550 18,097
2,809 2,608 2,446 1,674 1,099 1,158 1,551 1,413 1,417 1,443 1,503 1,565
CWIP 7 24 11 8 1 23 13 15 22 7 22 41
Investments 671 1,108 1,133 1,128 729 619 475 448 440 346 352 155
7,703 8,375 8,955 9,510 9,281 10,608 12,621 11,935 11,661 12,662 14,673 16,336
Total Assets 11,190 12,115 12,545 12,321 11,109 12,408 14,660 13,812 13,540 14,458 16,550 18,097

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024
1,620 634 867 395 314 586 673 931 842 1,416 1,100 1,359
394 -67 -95 193 376 -188 -619 11 -207 -66 -192 -319
-2,007 -643 -643 -551 -818 -453 89 -1,047 -558 -1,275 -893 -771
Net Cash Flow 7 -75 129 37 -129 -56 143 -105 77 75 16 270

Ratios

Consolidated Figures in Rs. Crores / View Standalone

Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024
Debtor Days 74 88 64 141 167 216 97 112 126 83 75 55
Inventory Days 335 312 218 265 290 338 103 166 180 117 102 71
Days Payable 278 255 175 301 335 428 328 491 565 447 393 269
Cash Conversion Cycle 130 145 107 105 122 126 -127 -213 -258 -246 -217 -144
Working Capital Days 125 134 106 119 150 153 112 157 194 120 83 62
ROCE % 9% 9% 12% 12% 8% 12% 21% 13% 11% 12% 19% 22%

Shareholding Pattern

Numbers in percentages

2 Recently
Sep 2021Dec 2021Mar 2022Jun 2022Sep 2022Dec 2022Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024
19.68% 19.68% 19.68% 21.11% 21.99% 21.99% 22.00% 22.00% 22.00% 22.00% 22.00% 22.00%
13.26% 11.62% 8.89% 9.77% 12.80% 15.76% 19.96% 22.46% 24.18% 23.89% 27.33% 23.65%
11.52% 12.14% 12.25% 11.30% 13.10% 12.35% 12.86% 12.29% 11.03% 10.52% 10.63% 11.40%
55.54% 56.56% 59.18% 57.82% 52.10% 49.89% 45.16% 43.24% 42.81% 43.59% 40.03% 42.96%
No. of Shareholders 2,84,0283,06,0673,38,3423,40,9693,25,1802,95,8842,87,4512,94,5813,29,4983,67,8224,05,0374,71,532

* The classifications might have changed from Sep'2022 onwards. The new XBRL format added more details from Sep'22 onwards.

Classifications such as banks and foreign portfolio investors were not available earlier. The sudden changes in FII or DII can be because of these changes.

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