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NCC Ltd. reported revenue marginally below estimate however, Ebitda margin and adjusted profit after tax below estimates.
The company posted 20.0%/ 3.3%/ 4.6% YoY growth in revenue/ Ebitda/ profit after tax to Rs 26.2 billion/ Rs 2.9 billion/ Rs 1.2 billion due to better execution.
After adjusting Rs 202 million (Q4 FY20), adjusted profit after tax increased 28.0% YoY to Rs 1.2 billion.
We reduce our revenue and Ebitda margin estimates by 7.6% and 59 basis points for FY22E due to slower execution in Q1 FY22E and higher input cost, leading to 19.2% reduction in adjusted profit after tax estimates for FY22E.
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