NCC (500294) Q1 24/25 earnings summary

Executive summary

• Achieved highest ever Q1 turnover, with consolidated revenue up 26% year-over-year to ₹5,558.33 crore and standalone revenue up 23% to ₹4,747.36 crore.

• PAT increased by 24% year-over-year at standalone level and 21% at consolidated level, with EBITDA margin at 9.3% and consolidated EBITDA at ₹477.91 crore.

• Maintains a diversified order book of ₹52,626 crore as of June 30, 2024, with pan-India presence and marquee clients.

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

• Basic and diluted EPS improved to ₹3.34 (consolidated) and ₹3.20 (standalone) from prior year quarter.

Financial highlights

• Standalone turnover: ₹4,747.36 crore (up 23% YoY); consolidated turnover: ₹5,558.33 crore (up 26% YoY).

• Standalone EBITDA: ₹439.64 crore (up from ₹380.59 crore YoY); consolidated EBITDA: ₹477.91 crore (up from ₹409.21 crore YoY).

• Standalone PAT: ₹200.74 crore (up from ₹162.26 crore YoY); consolidated PAT: ₹209.92 crore (up from ₹173.54 crore YoY).

• Order inflow for Q1 FY25 at ₹408 crore; consolidated order book at ₹52,626 crore after Q1 execution.

• Unbilled revenue at ₹4,719 crore (25% of turnover), up from 21% YoY.

Outlook and guidance

• Confident of achieving 15%+ revenue growth for FY25, with EBITDA margin guidance maintained at 9.5–10%.

• Order inflow guidance of ₹20,000–22,000 crore for FY25, with Andhra Pradesh orders as potential upside.

• Debt expected to reduce to ₹500 crore by end of FY25.