Growth opportunities largely priced in… • NBCC :: ICICI Securities, link

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Growth opportunities largely priced in…
• NBCC reported subdued revenue growth of 4.8% YoY to | 904.4 crore
(vs. our estimate of | 1002.7 crore). The growth of 23.6% YoY to
| 778.5 crore in the PMC division was partly offset by a decline in real
estate division revenues by 54% YoY to | 94.9 crore
• The EBITDA margin contracted 106 bps YoY to 5.6% (vs. our estimate
of 6.6%) mainly due to 230 bps YoY decline in EBIT margin of PMC
division to 5.4% as company regrouped its expenses. Now, interest
on client advance worth |19 crore is booked in operating expenses
which led to reduction in PMC division. Adjusting for this, PMC
division margin stood at 7.7%.
• PAT was flat YoY at | 60.1 crore (vs. our estimate of | 64.0 crore)

LINK
http://content.icicidirect.com/mailimages/IDirect_NBCCLtd_Q2FY15.pdf