Feb 16, 2017 01:22 PM IST | Source:

Hold NBCC; target of Rs 273: Edelweiss

Edelweiss recommended hold rating on NBCC with a target price of Rs 273 in its research report dated February 14, 2017.

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Edelweiss' research report on NBCC

Client specific issues in PMC division and continued slowdown in real estate vertical restricted NBCC’s Q3FY17 revenue growth to 4% YoY. EBITDA margin improved 100bps YoY to 5.3% due to change in payment norms for PMC projects. Rising interest costs, up 73% YoY, curtailed PAT growth to 10% YoY.


While NBCC’s order book of INR560bn provides strong revenue visibility (book-to-bill at 9.1x), we believe execution will remain soft in near term and pick up only in H2FY18 when work on redevelopment projects in Delhi commences. Maintain ‘HOLD’ with a target price of INR 273 as we roll over to FY19E.

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