Hold NCC; target of Rs 70: ICICI Direct

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ICICI Direct's research report on NCC

NCC is one of the leading construction companies in India with a presence across varied verticals of infrastructure space such as buildings, roads, water, mining and electrical. Standalone order book is robust at Rs 36,303 crore. Well-diversified order backlog, robust execution capabilities, and strong focus on debt reduction and working capital to characterise NCC over next few years.

Outlook

Sharp debt reduction has been key positive. However, margins may be see volatility in FY23. We, thus, assign HOLD vs BUY rating, earlier. We value NCC at Rs 70/share (at (9x FY24 P/E).

For all recommendations report, click here

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