NCC (500294) Q1 24/25 earnings summary

Executive summary

• Achieved record Q1 FY25 turnover with 23% YoY standalone growth to INR 4,747 crore and 26% consolidated growth to INR 5,558 crore, despite election-related disruptions.

• EBITDA margin for Q1 stood at 9.3% standalone and 8.6% consolidated, with guidance to reach 9.5%-10% for the full year.

• PAT increased by 24% YoY at standalone level (INR 200.74 crore) and 21% at consolidated level (INR 209.92 crore).

• Maintains a diversified order book of INR 52,626 crore as of June 2024, with pan-India presence and marquee clients.

• Upgraded credit rating to AA- with stable outlook by India Ratings & Research.

Financial highlights

• Standalone EBITDA for Q1 FY25 was INR 439 crore (up from INR 380 crore YoY); consolidated EBITDA was INR 478 crore (up from INR 409 crore YoY).

• Standalone PAT for Q1 FY25 was INR 200.74 crore (up from INR 162 crore YoY); consolidated PAT was INR 209.92 crore (up from INR 173.54 crore YoY).

• Order book at end of June 2024 stood at INR 52,626 crore after Q1 execution.

• Order inflow for Q1 FY25 was INR 408 crore.

• Net debt at end-Q1 FY25: INR 1,819 crore (consolidated), INR 1,820 crore (standalone).

Outlook and guidance

• FY25 order inflow guidance: INR 20,000–22,000 crore, with AP orders as potential positive surprise.

• Revenue growth expected to exceed 15% for FY25, with upside depending on H2 order inflow.

• EBITDA margin guidance maintained at 9.5%-10%, with Q1 performance at the lower end.

• CapEx budgeted at INR 250 crore for FY25, with INR 51 crore spent in Q1.