NCC Ltd

About [ edit ]

NCC Ltd is engaged in the infrastructure sector, primarily in the construction of industrial and commercial buildings, housing, roads, bridges and flyovers, water supply and environment projects, railways, mining, power transmission lines, irrigation and hydrothermal power projects, real estate development, etc.

  • Market Cap 3,482 Cr.
  • Current Price 57.1
  • High / Low 64.5 / 15.8
  • Stock P/E 13.1
  • Book Value 81.4
  • Dividend Yield 0.35 %
  • ROCE 13.6 %
  • ROE 7.22 %
  • Face Value 2.00

Pros

  • Company has reduced debt.
  • Stock is trading at 0.70 times its book value
  • Company has delivered good profit growth of 55.56% CAGR over last 5 years
  • Company has been maintaining a healthy dividend payout of 18.27%
  • Debtor days have improved from 141.70 to 111.88 days.

Cons

  • Company has low interest coverage ratio.
  • The company has delivered a poor sales growth of -1.32% over past five years.
  • Promoter holding is low: 19.68%
  • Company has a low return on equity of 9.07% for last 3 years.
  • Company's cost of borrowing seems high

Peer comparison

Sector: Construction Industry: Construction

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Quarterly Results

Consolidated Figures in Rs. Crores / View Standalone

Dec 2017 Mar 2018 Jun 2018 Sep 2018 Dec 2018 Mar 2019 Jun 2019 Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020
2,067 2,616 2,513 3,243 3,379 3,761 2,347 1,938 2,281 2,334 1,298 1,708
1,814 2,318 2,206 2,844 2,966 3,288 2,070 1,682 2,019 2,054 1,173 1,476
Operating Profit 253 298 307 399 413 473 277 256 262 281 125 232
OPM % 12% 11% 12% 12% 12% 13% 12% 13% 12% 12% 10% 14%
Other Income 27 -51 18 -21 37 -17 25 46 2 -9 31 35
Interest 123 121 120 126 143 133 137 141 150 126 122 123
Depreciation 41 43 46 48 51 48 51 52 50 46 46 45
Profit before tax 115 82 159 205 256 274 114 110 65 99 -12 99
Tax % 17% 79% 36% 40% 35% 36% 36% 28% -58% 39% 242% 30%
Net Profit 96 46 103 123 166 188 75 82 104 76 16 65
EPS in Rs 1.73 0.77 1.71 2.04 2.76 3.12 1.24 1.37 1.73 1.24 0.26 1.06
Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes

Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 TTM
4,683 5,763 6,105 6,518 6,968 7,272 9,513 9,527 9,001 8,391 12,896 8,901 7,622
4,178 5,104 5,394 5,621 6,146 6,514 8,513 8,540 8,447 7,539 11,329 7,836 6,721
Operating Profit 505 659 711 898 823 758 1,000 987 553 852 1,567 1,065 900
OPM % 11% 11% 12% 14% 12% 10% 11% 10% 6% 10% 12% 12% 12%
Other Income 49 95 21 102 91 105 127 71 209 -2 42 75 59
Interest 208 250 271 645 595 654 737 643 513 460 522 554 521
Depreciation 82 97 136 264 228 235 277 248 203 172 193 199 188
Profit before tax 264 407 325 90 90 -27 113 167 46 219 894 387 251
Tax % 30% 30% 32% 24% 42% 138% 45% 51% 82% 37% 37% 19%
Net Profit 181 283 222 55 56 3 54 120 32 169 579 337 260
EPS in Rs 3.66 5.09 4.00 0.99 1.01 0.06 0.97 2.17 0.57 2.81 9.63 5.52 4.29
Dividend Payout % 14% 12% 12% 14% 14% 156% 41% 28% 70% 36% 16% 4%
Compounded Sales Growth
10 Years:4%
5 Years:-1%
3 Years:-0%
TTM:-33%
Compounded Profit Growth
10 Years:3%
5 Years:56%
3 Years:192%
TTM:-51%
Stock Price CAGR
10 Years:-2%
5 Years:-2%
3 Years:-23%
1 Year:-3%
Return on Equity
10 Years:5%
5 Years:6%
3 Years:9%
Last Year:7%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Sep 2020
46 51 51 51 51 51 111 111 111 120 120 122 122
Reserves 1,680 2,256 2,517 2,668 2,645 2,715 3,291 3,281 3,336 3,962 4,448 4,784 4,844
Borrowings 2,697 3,252 4,580 5,316 3,909 3,914 3,390 3,208 2,572 2,061 2,691 2,181 1,849
2,366 2,938 3,398 4,034 4,585 5,435 5,753 5,721 5,090 6,265 7,401 6,724 6,440
Total Liabilities 6,789 8,497 10,546 12,069 11,190 12,115 12,545 12,321 11,109 12,408 14,660 13,812 13,255
950 1,012 1,845 3,110 2,809 2,608 2,446 1,674 1,099 1,158 1,551 1,413 1,346
CWIP 974 1,608 1,900 941 7 24 11 8 1 23 13 15 14
Investments 307 241 275 362 671 1,108 1,133 1,128 729 619 475 448 453
4,559 5,635 6,526 7,656 7,703 8,375 8,955 9,510 9,281 10,608 12,621 11,935 11,442
Total Assets 6,789 8,497 10,546 12,069 11,190 12,115 12,545 12,321 11,109 12,408 14,660 13,812 13,255

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020
-344 262 -66 71 1,620 634 867 395 314 586 673 931
-720 -672 -1,335 -456 394 -67 -95 193 376 -188 -619 11
931 664 1,145 398 -2,007 -643 -643 -551 -818 -453 89 -1,047
Net Cash Flow -133 254 -256 13 7 -75 129 37 -129 -56 143 -105

Ratios

Consolidated Figures in Rs. Crores / View Standalone

Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020
ROCE % 13% 12% 9% 10% 9% 9% 12% 13% 9% 13% 22% 14%
Debtor Days 98 101 105 95 74 88 64 141 167 216 97 112
Inventory Turnover -0.18 -0.01 1.23 1.21 1.14 1.25 1.77 1.41 1.23 1.11 2.37 2.18

Shareholding Pattern

Numbers in percentages

Jun 2018 Sep 2018 Dec 2018 Mar 2019 Jun 2019 Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020
18.11 18.12 18.12 18.12 18.12 18.11 18.11 19.57 19.31 19.68 19.68
16.44 16.02 15.88 19.86 21.18 17.38 17.73 14.67 11.42 9.80 10.32
31.99 30.52 31.79 30.21 28.15 28.30 24.08 18.50 13.45 12.31 11.43
33.46 35.34 34.21 31.80 32.55 36.20 40.08 47.26 55.82 58.20 58.56

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