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ICICI Direct Report
NCC Ltd. has witnessed healthy order inflows in Q3 FY23.
The company has secured orders worth Rs 5033 crore in Q3 FY23, with inflows of ~ Rs 12150 crore in nine-months-FY23.
We note that NCC's order book at the end of Q2 FY23 on a standalone basis was at an elevated level of Rs 40,020 crore (3.4 times order book to trailing twelve months bill ratio).
The management has guided for ~ Rs 16,000 crore of order inflows during FY23, which is on track.
In terms of execution, the company's topline guidance is ~30% YoY growth during FY23 (with 45.7% YoY growth reported in H1 FY23) to be driven by higher executable order book and improved operating efficiency with margins likely to improve to 10% in H2 FY23, up 40 basis points from Q2 FY23 levels.
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