NCC Ltd

NCC Ltd

₹ 260 2.53%
27 Feb 3:47 p.m.
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

  • Market Cap 16,315 Cr.
  • Current Price 260
  • High / Low 267 / 88.2
  • Stock P/E 24.3
  • Book Value 100
  • Dividend Yield 0.80 %
  • ROCE 18.7 %
  • ROE 9.99 %
  • Face Value 2.00

Pros

  • Company is expected to give good quarter
  • Company has delivered good profit growth of 23.8% CAGR over last 5 years
  • Company has been maintaining a healthy dividend payout of 22.0%
  • Debtor days have improved from 94.6 to 74.5 days.
  • Company's working capital requirements have reduced from 132 days to 82.5 days

Cons

  • Stock is trading at 2.65 times its book value
  • Company has a low return on equity of 7.23% 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

Dec 2020 Mar 2021 Jun 2021 Sep 2021 Dec 2021 Mar 2022 Jun 2022 Sep 2022 Dec 2022 Mar 2023 Jun 2023 Sep 2023 Dec 2023
2,127 2,817 2,064 2,581 3,015 3,477 3,321 3,373 3,910 4,949 4,380 4,720 5,260
1,871 2,511 1,853 2,315 2,739 3,208 3,013 3,063 3,533 4,484 3,971 4,416 4,755
Operating Profit 256 306 211 266 276 269 308 310 376 465 409 304 505
OPM % 12% 11% 10% 10% 9% 8% 9% 9% 10% 9% 9% 6% 10%
25 13 20 51 18 187 32 32 56 24 28 28 29
Interest 112 123 110 120 121 127 111 123 138 143 132 153 156
Depreciation 45 45 46 47 47 46 48 50 52 53 53 53 53
Profit before tax 124 151 75 150 126 283 181 169 242 293 252 125 325
Tax % 37% 22% 28% 19% 33% 17% 24% 19% 30% 31% 27% 31% 29%
78 118 54 122 84 234 137 138 168 203 184 86 231
EPS in Rs 1.17 1.92 0.82 1.87 1.25 3.97 2.09 2.09 2.51 3.04 2.76 1.23 3.51
Raw PDF

Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 TTM
6,518 6,968 7,272 9,513 9,527 9,001 8,391 12,896 8,901 7,949 11,138 15,553 19,309
5,621 6,146 6,514 8,513 8,540 8,326 7,518 11,303 7,824 7,030 10,110 14,094 17,626
Operating Profit 898 823 758 1,000 987 675 873 1,592 1,077 919 1,028 1,459 1,683
OPM % 14% 12% 10% 11% 10% 8% 10% 12% 12% 12% 9% 9% 9%
102 91 105 127 71 87 -23 17 63 105 272 144 109
Interest 645 595 654 737 643 513 460 522 554 480 478 515 584
Depreciation 264 228 235 277 248 203 172 193 199 181 187 203 213
Profit before tax 90 90 -27 113 167 46 219 894 387 363 635 885 995
Tax % 24% 42% 138% 45% 51% 82% 37% 37% 19% 22% 22% 27%
56 45 -9 48 82 8 139 568 314 283 494 646 705
EPS in Rs 0.99 1.01 0.06 0.97 2.17 0.57 2.81 9.63 5.52 4.40 7.91 9.70 10.54
Dividend Payout % 14% 14% 156% 41% 28% 70% 36% 16% 4% 18% 25% 23%
Compounded Sales Growth
10 Years: 8%
5 Years: 13%
3 Years: 20%
TTM: 37%
Compounded Profit Growth
10 Years: 30%
5 Years: 24%
3 Years: 20%
TTM: 32%
Stock Price CAGR
10 Years: 32%
5 Years: 24%
3 Years: 42%
1 Year: 186%
Return on Equity
10 Years: 6%
5 Years: 8%
3 Years: 7%
Last Year: 10%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Sep 2023
Equity Capital 51 51 51 111 111 111 120 120 122 122 122 126 126
Reserves 2,668 2,645 2,715 3,291 3,281 3,336 3,962 4,448 4,784 5,023 5,454 6,041 6,154
5,316 3,909 3,914 3,390 3,208 2,572 2,061 2,691 2,181 2,062 1,302 974 1,439
4,034 4,585 5,435 5,753 5,721 5,090 6,265 7,401 6,724 6,333 7,579 9,409 9,849
Total Liabilities 12,069 11,190 12,115 12,545 12,321 11,109 12,408 14,660 13,812 13,540 14,458 16,550 17,567
3,110 2,809 2,608 2,446 1,674 1,099 1,158 1,551 1,413 1,417 1,443 1,503 1,491
CWIP 941 7 24 11 8 1 23 13 15 22 7 22 19
Investments 362 671 1,108 1,133 1,128 729 619 475 448 440 346 352 360
7,656 7,703 8,375 8,955 9,510 9,281 10,608 12,621 11,935 11,661 12,662 14,673 15,697
Total Assets 12,069 11,190 12,115 12,545 12,321 11,109 12,408 14,660 13,812 13,540 14,458 16,550 17,567

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023
71 1,620 634 867 395 314 586 673 931 842 1,416 1,100
-456 394 -67 -95 193 376 -188 -619 11 -207 -66 -192
398 -2,007 -643 -643 -551 -818 -453 89 -1,047 -558 -1,275 -893
Net Cash Flow 13 7 -75 129 37 -129 -56 143 -105 77 75 16

Ratios

Consolidated Figures in Rs. Crores / View Standalone

Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023
Debtor Days 95 74 88 64 141 167 216 97 112 126 83 75
Inventory Days 332 335 312 218 265 290 338 103 166 180 117 102
Days Payable 262 278 255 175 301 335 428 328 491 565 447 393
Cash Conversion Cycle 165 130 145 107 105 122 126 -127 -213 -258 -246 -217
Working Capital Days 184 125 134 106 119 150 153 112 157 194 120 83
ROCE % 9% 9% 9% 12% 12% 8% 12% 21% 13% 11% 12% 19%

Shareholding Pattern

Numbers in percentages

4 Recently
Mar 2021Jun 2021Sep 2021Dec 2021Mar 2022Jun 2022Sep 2022Dec 2022Mar 2023Jun 2023Sep 2023Dec 2023
19.68% 19.68% 19.68% 19.68% 19.68% 21.11% 21.99% 21.99% 22.00% 22.00% 22.00% 22.00%
13.12% 13.40% 13.26% 11.62% 8.89% 9.77% 12.80% 15.76% 19.96% 22.46% 24.18% 23.89%
12.20% 12.15% 11.52% 12.14% 12.25% 11.30% 13.10% 12.35% 12.86% 12.29% 11.03% 10.52%
55.00% 54.77% 55.54% 56.56% 59.18% 57.82% 52.10% 49.89% 45.16% 43.24% 42.81% 43.59%
No. of Shareholders 2,67,9342,98,4642,84,0283,06,0673,38,3423,40,9693,25,1802,95,8842,87,4512,94,5813,29,4983,67,822

* 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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