NBCC (India) (534309) Q3 24/25 earnings summary

Executive summary

• Achieved highest-ever MOU rating (98.5 marks) for FY23-24 and celebrated 65 years of excellence.

• Secured major work orders in Q3FY25, including ₹9,445 crores for Supertech projects and ₹1,726 crores for Junta House redevelopment in Goa.

• Board approved unaudited results for Q3 and nine months ended December 31, 2024, and declared an interim dividend of ₹0.53 per share.

• Issued 90 crore bonus shares and recommended an interim dividend for FY25.

• Statutory auditors issued an unmodified review for standalone results and a qualified review for consolidated results due to pending financial closure of certain subsidiary projects.

Financial highlights

• Standalone Q3FY25 revenue: ₹2,048 crores, up 7% YoY; PAT: ₹129 crores, up 37% YoY.

• Nine months standalone revenue: ₹5,540 crores, up 10% YoY; PAT: ₹339 crores, up 40% YoY.

• Nine months consolidated revenue: ₹7,430 crores, up 16% YoY; PAT: ₹375 crores, up 37% YoY.

• EBITDA margin improved to 6.28% in Q3FY25 from 5.54% in Q3FY24; PAT margin rose to 6.28% from 4.88%.

• EPS for Q3FY25 was ₹0.48, up 37.29% YoY.

Outlook and guidance

• Order book reached ₹1,000,000 crores as of January 2025, with significant new business secured in FY25.

• FY25 consolidated revenue guidance: ₹12,000–₹13,000 crores; next year: ₹15,000–₹16,000 crores.

• EBITDA margin guidance: 6–6.5%; PAT margin: 5.5–6%.

• Order inflow target for FY26: at least ₹25,000 crores.

• Expected revenue growth of 25–35% annually for the next 2–3 years.