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Please refer to important disclosures at the end of this report 1
Quarterly Highlights StandaloneY/E March (` cr) 4QFY13 4QFY12 3QFY13 % chg (yoy) % chg (qoq)Net sales 1,741 1,755 1,184 (0.8) 47.1Operating profit 157 102 86 53.9 82.9
Net profit 27 11 11 151.9 151.2Source: Company, Angel Research
NCC posted poor set of numbers for 4QFY2013 which were below our and
street expectations. The current outstanding order book of NCC stands at
`18,553cr (3.2x trailing revenues) in 4QFY2013, indicating a decline of 8% yoy.
During the year, the company secured orders worth `4,813cr (excluding slowing
moving order worth`853cr in the power segment).
Deleveraging balance sheet through monetization of assets: On the top line front,NCC reported revenues of`1,741cr in 4QFY2013, indicating a decline of 0.8%
yoy, which was lower than our estimate of `1,879cr respectively. This is mainly
due to (a) slower-than-expected execution in some projects particularly in power
segment (delay at clients side) and (b) depleting order book. On the EBITDAM
front, owing to profit from sale of real estate asset, the companys EBITDA
margins grew by 320bp yoy to 9.0% (our estimate was 8.5%) in 4QFY2013.
Interest cost came in at`113cr a growth of 14.9% yoy. On the bottom line level, NCC
reported a yoy growth of 151.9% to `27cr, lower than our and consensus estimate
owing to lower-than-expected revenue performance and higher tax rate (45%).
Outlook and valuation: During the quarter, NCC has reduced its debt by`297crto `2,225cr as on 4QFY2013 and is in process of reducing its debt to below
`2,000cr through stake sale in two of its road BOT projects (Western UP tollways
and Bangalore Elavated expressway), continued monetization of its land bank and
completion of stake sale in the Himachal Sorang project. The stock currently
trades at a PE of 3.0x and 2.2x (excluding subsidiaries valuation) our FY2014
and FY2015 EPS estimates. Further, on account of the stake sale initiated by thecompany in some of its projects and decline in its stock price, we upgrade ourrecommendation on the stock to Buy with a target price of `42.Key financials (Standalone)
Y/E March (` cr) FY2012 FY2013E FY2014E FY2015ENet Sales 5,250 5,725 6,167 6,945% chg 3.5 9.0 7.7 12.6
Adj.Net Profit 36.0 62.7 68.6 93.3% chg (78.0) 74.2 9.4 36.1
EBITDA (%) 7.6 8.2 8.0 8.2
FDEPS (`) 1.4 2.4 2.7 3.6P/E (x) 22.3 12.8 11.7 8.6
P/BV (x) 0.3 0.3 0.3 0.3
RoE (%) 1.5 2.6 2.7 3.6
RoCE (%) 6.6 8.2 8.4 9.2
EV/Sales (x) 0.6 0.5 0.5 0.5
EV/EBITDA (x) 7.4 5.9 6.0 5.5
OB/sales(x) 3.3 2.5 3.0 3.2
Order inflows 10,118 4,813 9,918 11,902
%chg 48.2 (52.4) 106.1 20.0
Source: Company, Angel Research
BUYCMP `31
Target Price `42
Investment Period 12 Months
Stock Info
Sector
Net Debt (` cr) 5,145
Bloomberg Code
Shareholding Pattern (%)
Promoters 20.3
MF / Banks / Indian Fls 10.4
FII / NRIs / OCBs 39.7Indian Public / Others 29.7
Abs. (%) 3m 1yr 3yr
Sensex 0.2 23.4 19.5
NCC (27.2) (0.3) (80.3)
Face Value (`)
BSE Sensex
Nifty
Reuters Code
802
1.8
61/28
287,581
Infrastructure
Avg. Daily Volume
Market Cap (` cr)
Beta
52 Week High / Low
2
19,674
5,967
NGCN.BO
NJCC@IN
Viral Shah022-39357800 Ext: 6842
NCCPerformance Highlights
4QFY2013 Result Update | Infrastructure
May 23, 2013
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Exhibit 1:Quarterly performance (Standalone)
Y/E March (` cr) 4QFY13 4QFY12 3QFY13 % Chg (yoy) % Chg (qoq) FY2013 FY2012 % ChgNet sales 1741 1755 1184 (0.8) 47.1 5725 5250 9.0Total expenditure 1584 1653 1098 (4.1) 44.3 5254 4851 8.3Operating profit 157 102 86 53.9 82.9 471 399 18.0OPM (%) 9.0 5.8 7.2 320bp 177bp 8.2 7.6 62bp
Interest 113 98.4 99 14.9 14.3 407 384 6.0
Depreciation 23 21.7 23 5.8 (2.1) 92 83 10.9
Non operating income 29 33.6 48 (14.1) (40.4) 126 121 4.4
Nonrecurring items 0 0 0 0 0 0 0 -
Profit before tax 50 15 12 221.1 320.4 98 53 85.5Tax 22.5 4.7 1.0 380.3 2145.8 35.1 16.9 107.0
Reported net profit 27 11 11 151.9 151.2 63 36 75.4PAT (%) 1.6 0.6 0.9 95bp 65bp 1.1 0.7 41bp
FDEPS 1.1 0.4 0.4 - 151.2 2.4 1.4 75.4Source: Company, Angel Research
Exhibit 2:4QFY2013 Actual vs Estimates
( ` cr) Estimates Actual Variation (%)Net Sales 1,879 1,741 (7.3)
EBITDA 160 157 (1.8)
Interest 103 113 9.8
Tax 23 23 (3.0)
PAT 45 27 (39.7)
Source: Company, Angel Research
Top-line came in below estimates
On the top line front, NCC reported revenues of `1,741cr in 4QFY2013,
indicating a decline of 0.8% yoy, which was lower than our estimate of
`1,879cr respectively. This is mainly due to (a) due to slower-than-expected
execution in some projects particularly power segment (delay at clients side)
and (b) depleting order book.
During the quarter, NCC has reduced its debt by`297cr to `2,225cr as on
4QFY2013 and is in process of reducing its debt to below `2,000cr through stake
sale in two of its road BOT projects (Western UP tollways and Bangalore Elavated
expressway), continued monetization of its land bank and completion of stake sale
in the Himachal Sorang project.
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Exhibit 3:Execution continues to disappoint
Source: Company, Angel Research
Exhibit 4:Muted order inflows for FY2013
Source: Company, Angel Research
Projects update
Pondicherry-Tindivanam: Toll collection for the project decline by 12.5% qoqto `3.5lakhs/day, much lower than the breakeven level of `7-8lakhs/day.
However, the company believes that toll revenue will pick up going ahead.
Western UP: Due to mining ban in the state imposed by the government, tollcollection is currently at`18-20lakh/day. Going ahead, with lifting of the mining
ban, the Management expects toll collection to increase to`24lakh/day.
Bangalore Elevated Toll Way (BETL): During the quarter, the toll collection hasincreased to`25lakh/day against`20-22lakh/day in 3QFY2013.
Himachal Sorang: As per the Management, the company is in an advanced stageof negotiation with some investors for part/full stake sale in the Himachal Sorang
project. The Management expects the deal to be completed within a period of 9-
10 months. Further, the company is also in talks with some regulatory authorities
for signing short term power purchase agreement (PPA).
Nelcast Power Project (1,320MW): The construction activity for the 1,320MW(660MW x 2) Krishnapatnam power project is going as per schedule and the
company has already placed orders for BTG. However, the company has not
signed any power purchase agreement (PPA) till date and is hopeful of tying up for
one within the next few quarters. The company has participated in case- I biddingin UP and also would participate for case- I in Tamil Nadu and Karnataka.
Real estate asset sale boost EBITDAM
Company reported an EBITDA of `157cr, a growth of 53.9% yoy; EBITDA
margins grew by 320bp yoy at 9.0% were above our estimate of 8.5%. The
EBIDTA margin includes profit from sale of real estate asset and non recurring
expense of`40cr. Adjusting to this, EBITDAM came in at 8.4% in 4QFY2013.
Interest cost came in at `113cr in 4QFY2013 a growth of 14.9% yoy. On the
bottom line level, NCC reported a yoy growth of 151.9% to `27cr, however was
lower than our and consensus estimate owing to lower-than-expected revenue
performance and higher effective tax rate (45%).
1090
1264
1755
1472
1328
1184
1741
(9.2)(5.4)
21.0
29.0
21.8
(6.3)
(0.8)
(15.0)
(10.0)
(5.0)
-
5.0
10.0
15.020.0
25.0
30.0
35.0
0
200
400
600
800
1,000
1,2001,400
1,600
1,800
2,000
2QFY12 3QFY12 4QFY12 1QFY13 2QFY13 3QFY13 4QFY13
Sales (` cr, LHS) Growth (yoy %, RHS)
16,
570
21,
990
20,
196
20,
520
19,
639
18,
799
18,
553
3.1
27.3 24.8 26.8
18.5
(14.5)
(8.1)
(20.0)
(15.0)
(10.0)
(5.0)
0.0
5.0
10.0
15.0
20.0
25.0
30.0
-
5,000
10,000
15,000
20,000
25,000
2QFY12 3QFY12 4QFY12 1QFY13 2QFY13 3QFY13 4QFY13
Order Booking (` cr, LHS) Growth (yoy %, RHS)
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Exhibit 5:EBITDA margins trend
Source: Company, Angel Research
Exhibit 6:Low NPMs a cause of worry
Source: Company, Angel Research
Order book analysis
NCC secured net orders worth `4,813cr (excluding slow moving power order of
`853cr) in FY2013, thus taking the order book to `18,553cr indicating a decline
of 8% yoy. The order backlog converts into an order book to sales of 3.2x trailing
revenues. Going forward, we estimate order inflows of`9,918cr and`11,902cr in
FY2014 and FY2015 respectively.
Exhibit 7:Order backlog of`18,553cr (as of 4QFY2013,%)
Source: Company, Angel Research
Change in estimates
Due to slower execution and depleting order book in FY2013, we have revised our
estimate for FY2014 and also introduced our FY2015 estimate.
Exhibit 8:Change in estimates to factor in lower top-line growth and higher interest cost
FY2014E FY2015EEarlier estimates Revised estimates Variation (%) Earlier estimates Revised estimates Variation (%)
Revenue 6,576 6,167 (6.2) 6,945 6,945 0.0
EBITDA margin (%) 8.2 8.0 (2.6) 8.2 8.2 0.0PAT 105 69 (34.7) 93 93 0.0
Source: Company, Angel Research
103
77
102
117
112
86
157
9.5
6.1 5.8
7.9
8.4
7.2
9.0
5.0
6.0
7.0
8.0
9.0
10.0
11.0
12.0
0
20
40
60
80
100
120
140
160
180
2QFY12 3QFY12 4QFY12 1QFY13 2QFY13 3QFY13 4QFY13
EBITDA (` cr, LHS) EBITDAM (%, RHS)
11
(9)
11
17
8
11
27
1.0
(0.8)
0.6
1.1
0.6
0.9
1.6
(1.0)
(0.5)
0.0
0.5
1.0
1.5
2.0
(15)
(10)
(5)
0
5
10
15
20
25
30
2QFY12 3QFY12 4QFY12 1QFY13 2QFY13 3QFY13 4QFY13
PAT (` cr, LHS) PATM (%, RHS)
31%
16%
9%
5%
26%
1%2%
10%Buildings, Roads & Oil &Gas
Water, Env. & Railways
Irrigation
Electricals
Power
Mining
Metals
International
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Outlook and valuation
During the quarter, NCC has reduced its debt by`297cr to `2,225cr as on
4QFY2013 and is in process of reducing its debt to below `2,000cr through stake
sale in two of its road BOT projects (Western UP tollways and Bangalore Elavatedexpressway), continued monetization of its land bank and completion of stake sale
in the Himachal Sorang project. The company has already signed a term sheet
with an investor for one of its road BOT project (Western UP tollways) during the
quarter. The stock currently trades at a PE of 3.0x and 2.2x (excluding subsidiaries
valuation) our FY2013 and FY2014 EPS estimates. Further, on account of the stakesale initiated by the company in some of its projects and decline in its stock price,we upgrade our recommendation on the stock to Buy with a target price of `42.
Exhibit 9:Derivation of SOTP-based target price for NCC (FY2015E)
Particulars SegmentValue ( `
cr)Value per share
(`) BasisNCC Standalone Construction 466 18 P/E of 5x FY15 earnings
NCC - Internationalbusiness
Construction 109 4 P/E of 3x FY15 earnings
Total 576 22Road BOT
Brindavan Infra Annuity 37 1 NPV at CoE of 16%
Bangalore Elevated Toll 55 2 NPV at CoE of 16%
OB Infra Annuity 52 2 NPV at CoE of 16%
Western UP Toll 16 1 NPV at CoE of 16%
Pondicherry Tindivanam Toll 16 1 NPV at CoE of 16%
Total 175 7Power BOT
Himachal Sorang Merchant 115 4 P/BV multiple of 1x on FY12 end investment
NCC PowerPPA /Merchant
200 8 P/BV multiple of 0.5x on FY12 end investment
Total 315 12NCC Urban Infra +others
Real Estate 0 0No value ascribed on account of uncertainity relating to DubaiHarmony project
Grand Total 1,066 42Source: Company, Angel Research
Exhibit 10:Key assumptions
(` cr) FY2010 FY2011 FY2012 FY2013 FY2014E FY2015EOrder Inflow 8,914 6,828 10,118 4,813 9,918 11,902
Revenue 4,754 4,872 5,236 6,556 6,154 6,931
Order Backlog (Y/E) 15,370 16,180 20,197 18,553 21,832 26,173
OB to Sales ratio (x) 3.2 3.3 3.9 2.8 3.5 3.8
Source: Company, Angel Research
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Exhibit 11:Recommendation summary
Company CMP TP Rating Top line (` cr) EPS (`) P/E OB/FY12 FY13E FY14E CAGR (%) FY12 FY13E FY14E CAGR (%) FY12 FY13E FY14E Sales(x)
ABL 202 255 Buy 1,853 1,928 2,234 9.8 16.0 18.0 22.2 17.7 12.6 11.2 9.1 2.3CCCL 12 - Neutral 1,931 2,281 2,492 13.6 (3.3) 0.7 2.0 - (3.6) 17.6 6.0 2.2
IRB Infra 122 157 Buy 3,687 3,997 4,312 8.1 16.7 15.7 16.6 (0.3) 7.3 7.8 7.3 2.4
ITNL 171 230 Buy 6,645 7,444 8,041 10.0 26.8 29.8 32.1 9.4 6.4 5.7 5.3 2.2
IVRCL 19 35 Buy 3,773 6,287 6,836 34.6 (3.9) 2.3 3.0 - - 8.2 6.3 4.9
JP Assoc. 67 90 Buy 13,358 14,850 15,631 8.2 2.2 2.5 2.9 13.8 30.6 26.6 23.6 -
L&T 1,419 1,761 Buy 60,873 68,946 78,040 13.2 67.5 77.9 88.3 14.4 21.0 18.2 16.1 2.5
NCC 31 42 Buy 5,725 6,167 6,945 10.1 2.4 2.7 3.6 22.0 12.8 11.7 8.6 3.2Punj Lloyd 47 - Neutral 11,717 12,954 14,740 12.2 (0.2) 0.5 0.9 - - 93.2 50.8 1.9
Sadbhav 107 153 Buy 1,565 2,511 2,736 32.2 1.5 7.3 7.8 131.3 73.6 14.8 13.7 3.3
Simplex In. 106 164 Buy 6,026 6,824 7,563 12.0 14.1 18.0 23.4 28.8 7.5 5.9 4.5 2.5
Unity Infra 31 45 Buy 2,180 2,455 2,734 12.0 12.7 14.6 14.9 8.0 2.4 2.1 2.1 2.0
ABL 202 255 Buy 1,853 1,928 2,234 9.8 16.0 18.0 22.2 17.7 12.6 11.2 9.1 2.3
Source: Company, Angel Research
Exhibit 12:SOTP break-up
Company Core Const. Real Estate Road BOT Invst. In Subsidiaries Others Total` % to TP ` % to TP ` % to TP ` % to TP ` % to TP `
ABL 87 34 - - 168 66 - - - - 255
CCCL 16 100 - - - - - - - - 16
IRB Infra 45 29 - - 112 71 - - - - 157
ITNL 80 35 - - 120 52 - - 30 13 230
IVRCL 15 43 - - - - 20 57 - - 35
JP Assoc. 24 27 23 25 - - - - 43 48 90
L&T 1,318 75 - - - - 443 25 - - 1,761
NCC 23 55 - - 7 17 - - 12 29 42Punj Lloyd 64 100 - - - - - - - - 64
Sadbhav 54 35 - - 99 65 - - - - 153
Simplex In. 164 100 - - - - - - - - 164
Unity Infra 45 100 - - - - - - - - 45
Source: Company, Angel Research
Company background
NCC, having started off as a building/industrial construction company, has
emerged as an EPC contractor with a diversified product portfolio. NCCs presence
across all the key infrastructure verticals: 1) roads; 2) buildings; 3) water; 4)
irrigation; 5) electrical; 6) power; 7) oil and gas; and 8) metals endows it with a
relatively de-risked business model. NCC has also ventured in international
geographies such as Oman and UAE, which further diversifies its business.
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Profit & loss statement (Standalone)
Y/E March (` cr) FY2010 FY2011 FY2012 FY2013E FY2014E FY2015ENet Sales 4,764 5,065 5,248 5,659 6,154 6,931Other operating income 14.1 8.6 2.0 65.5 12.3 13.9Total operating income 4,778 5,074 5,250 5,725 6,167 6,945% chg 15.1 6.2 3.5 9.0 7.7 12.6
Total Expenditure 4,294 4,588 4,851 5,254 5,673 6,375R.M. consumed 1,766 1,756 1,961 2,080 2,232 2,507
Construction expenses 1,797 1,866 1,856 2,234 2,399 2,702
Employee expenses 184 244 240 243 286 329
SG&A 547 722 794 697 756 837
EBITDA 483 485 399 471 493 570% chg 29.4 0.4 (17.7) 17.9 4.8 15.6
(% of Net Sales) 10.1 9.6 7.6 8.2 8.0 8.2
Depreciation & Amortisation 53 69 83 92 102 116
EBIT 431 417 316 379 391 454% chg 34.5 (3.3) (24.1) 19.8 3.3 16.0
(% of Net Sales) 9.0 8.2 6.0 6.7 6.4 6.5
Interest & other Charges 196 257 384 407 423 465
Other Income 69 106 121 126 135 152
(% of PBT) 22.6 39.8 227.8 128.8 130.4 107.9
Share in profit of Associates - - - - - -
Recurring PBT 303 266 53 98 104 141% chg 33.0 (12.5) (80.1) 84.7 6.3 36.1
Extraordinary Expense/(Inc.) 49.6 - - - - -
PBT (reported) 353 266 53 98 104 141Tax 120.4 102.1 16.9 35.1 35.3 48.1
(% of PBT) 34.1 38.5 32.0 35.9 34.0 34.0
PAT (reported) 233 163 36 63 69 93Add: Share of earnings of asso. - - - - - -
Less: Minority interest (MI) - - - - - -
Prior period items - - - - - -
PAT after MI (reported) 233 163 36 63 69 93ADJ. PAT 183 163 36 63 69 93% chg 19.0 (10.7) (78.0) 74.2 9.4 36.1(% of Net Sales) 3.8 3.2 0.7 1.1 1.1 1.3
Basic EPS (`) 9.5 6.4 1.4 2.4 2.7 3.6Fully Diluted EPS (`) 9.5 6.4 1.4 2.4 2.7 3.6% chg 41.4 (32.9) (78.0) 74.5 9.4 36.1
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Balance sheet (Standalone)Y/E March (` cr) FY2010 FY2011 FY2012 FY2013E FY2014E FY2015ESOURCES OF FUNDSEquity Share Capital 51 51 51 51 51 51Share App Money - - - - - -
Reserves & Surplus 2,194 2,327 2,360 2,417 2,476 2,561
Shareholders Funds 2,246 2,379 2,411 2,468 2,528 2,612Minority Interest - - - - - -Total Loans 1,530 2,484 2,234 2,056 2,256 2,456
Deferred Tax Liability 25 31 25 23 23 23
Total Liabilities 3,801 4,894 4,671 4,547 4,807 5,091APPLICATION OF FUNDSGross Block 756 923 1,039 1,094 1,274 1,455
Less: Acc. Depreciation 202 249 313 405 507 623Net Block 554 675 726 690 768 831Capital Work-in-Progress 43 46 35 35 35 35
Goodwill - - - - - -
Investments 941 1,201 1,240 1,254 1,254 1,254Current Assets 4,108 4,947 6,052 6,149 6,514 7,046Inventories 754 896 1,234 1,426 1,539 1,712
Sundry Debtors 1,299 1,454 1,307 1,143 1,216 1,351
Cash 200 121 65 80 82 96
Loans & Advances 1,852 2,466 3,432 2,583 2,716 2,869
Other 3 9 15 916 961 1,018
Current liabilities 1,845 1,974 3,382 3,580 3,764 4,075
Net Current Assets 2,263 2,972 2,669 2,569 2,750 2,971Mis. Exp. not written off - - - - - -
Total Assets 3,801 4,894 4,671 4,547 4,807 5,091
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Cash flow statement (Standalone)Y/E March (` cr) FY2010 FY2011 FY2012 FY2013E FY2014E FY2015EProfit before tax 353 266 53 98 104 141
Depreciation 38 46 64 92 102 116Change in Working Capital (477) (788) 246 116 (180) (206)
Less: Other income (69) (106) (121) (126) (135) (152)
Direct taxes paid (120) (102) (17) (35) (35) (48)
Cash Flow from Operations (275) (684) 226 145 (145) (149)(Inc.)/ Dec. in Fixed Assets (148) (169) (105) (56) (180) (180)
(Inc.)/ Dec. in Investments (201) (260) (39) (13) - -
Other income 69 106 121 126 135 152
Cash Flow from Investing (280) (323) (24) 57 (45) (28)Issue of Equity 6 - - (0) - -
Inc./(Dec.) in loans 286 954 (250) (178) 200 200
Dividend Paid (Incl. Tax) (39) (30) (9) (9) (9) (9)
Others 368 5 0 1 0 (0)
Cash Flow from Financing 620 929 (259) (186) 191 191Inc./(Dec.) in Cash 65 (78) (57) 15 2 15
Opening Cash balances 135 200 121 65 80 82Closing Cash balances 200 121 65 80 82 96
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Key ratios
Y/E March FY2010 FY2011 FY2012E FY2013E FY2014E FY2015EValuation Ratio (x)P/E (on FDEPS) 3.3 4.9 22.3 12.8 11.7 8.6P/CEPS 3.1 3.5 6.7 5.2 4.7 3.8
P/BV 0.4 0.3 0.3 0.3 0.3 0.3
Dividend yield (%) 4.2 3.2 1.0 1.0 1.0 1.0
EV/Sales 0.4 0.6 0.6 0.5 0.5 0.5
EV/EBITDA 4.4 6.5 7.4 5.9 6.0 5.5
EV / Total Assets 0.6 0.6 0.6 0.6 0.6 0.6
Per Share Data (`)EPS (Basic) 9.5 6.4 1.4 2.4 2.7 3.6
EPS (fully diluted) 9.5 6.4 1.4 2.4 2.7 3.6
Cash EPS 10.0 9.0 4.6 6.0 6.6 8.2
DPS 1.3 1.0 0.3 0.3 0.3 0.3
Book Value 87.5 92.7 94.0 96.2 98.5 101.8
Dupont AnalysisEBIT margin 9.0 8.2 6.0 6.7 6.4 6.5
Tax retention ratio 65.9 61.5 68.0 64.1 66.0 66.0
Asset turnover (x) 1.5 1.2 1.1 1.2 1.3 1.4
ROIC (Post-tax) 8.9 6.1 4.6 5.4 5.6 6.2
Cost of Debt (Post Tax) 9.3 7.9 11.1 12.2 12.9 13.0
Leverage (x) 0.6 0.8 0.9 0.9 0.8 0.9
Operating ROE 8.6 4.7 (1.5) (0.4) (0.5) 0.1
Returns (%)ROCE (Pre-tax) 12.8 9.6 6.6 8.2 8.4 9.2
Angel ROIC (Pre-tax) 13.6 10.1 6.8 8.4 8.6 9.4
ROE 9.3 7.1 1.5 2.6 2.7 3.6
Turnover ratios (x)Asset Turnover (Gross Block) 6.9 6.0 5.4 5.4 5.2 5.1
Inventory / Sales (days) 57 59 74 85 88 85
Receivables (days) 89 99 96 78 70 67
Payables (days) 141 145 200 248 231 219
Wcap cycle (ex-cash) (days) 139 177 190 162 153 146
Solvency ratios (x)Net debt to equity 0.6 1.0 0.9 0.8 0.9 0.9
Net debt to EBITDA 2.8 4.9 5.4 4.2 4.4 4.1
Interest Coverage 2.2 1.6 0.8 0.9 0.9 1.0
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Research Team Tel: 022 - 39357800 E-mail: [email protected] Website: www.angelbroking.com
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such investigations as they deem necessary to arrive at an independent evaluation of an investment in the securities of the companies
referred to in this document (including the merits and risks involved), and should consult their own advisors to determine the merits and
risks of such an investment.
Angel Broking Limited, its affiliates, directors, its proprietary trading and investment businesses may, from time to time, make
investment decisions that are inconsistent with or contradictory to the recommendations expressed herein. The views contained in this
document are those of the analyst, and the company may or may not subscribe to all the views expressed within.
Reports based on technical and derivative analysis center on studying charts of a stock's price movement, outstanding positions and
trading volume, as opposed to focusing on a company's fundamentals and, as such, may not match with a report on a company's
fundamentals.
The information in this document has been printed on the basis of publicly available information, internal data and other reliablesources believed to be true, but we do not represent that it is accurate or complete and it should not be relied on as such, as thisdocument is for general guidance only. Angel Broking Limited or any of its affiliates/ group companies shall not be in any wayresponsible for any loss or damage that may arise to any person from any inadvertent error in the information contained in this report .
Angel Broking Limited has not independently verified all the information contained within this document. Accordingly, we cannot testify,nor make any representation or warranty, express or implied, to the accuracy, contents or data contained within this document. While
Angel Broking Limited endeavours to update on a reasonable basis the information discussed in this material, there may be regulatory,compliance, or other reasons that prevent us from doing so.
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Angel Broking Limited and its affiliates may seek to provide or have engaged in providing corporate finance, investment banking or
other advisory services in a merger or specific transaction to the companies referred to in this report, as on the date of this report or inthe past.
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connection with the use of this information.
Note: Please refer to the important `Stock Holding Disclosure' report on the Angel website (Research Section). Also, pleaserefer to the latest update on respective stocks for the disclosure status in respect of those stocks. Angel Broking Limited andits affiliates may have investment positions in the stocks recommended in this report.
Disclosure of Interest Statement NCC
1. Analyst ownership of the stock No
2. Angel and its Group companies ownership of the stock No
3. Angel and its Group companies' Directors ownership of the stock No
4. Broking relationship with company covered No
Note: We have not considered any Exposure below `1 lakh for Angel, its Group companies and Directors.
Ratings (Returns): Buy (> 15%) Accumulate (5% to 15%) Neutral (-5 to 5%)Reduce (-5% to -15%) Sell (< -15%)