NBCC · Construction
NBCC (India) Ltd. reported revenue of ₹2,446 cr for July to September 2024, +18.8% on the year and +14.1% on the quarter.
Operating profit (EBITDA) was ₹100 cr, a margin of 4.1%, −57 bps on the year and −20 bps on the quarter. Over the last 6 quarters the margin has ranged from 3.0% to 6.1%, averaging 4.5%. Operating costs grew +19.5%, faster than revenue at +18.8%, so operating profit grew less than sales.
Net profit was ₹125 cr, +52.4% on the year and +16.8% on the quarter, with earnings per share of ₹0.45. Profit before other income, one-offs and tax grew 5.3%, so 47 points of the headline growth came from outside the core business. The tax rate of 25% is in line with its recent average.
Capital goods and EPC revenue follows project execution, which makes quarters uneven; the order book and new orders tell more about the year than one quarter does. The quarterly statements do not carry the order book, new orders and working capital; those come with the filing read.
On earnings per share of ₹1.75 over the last four quarters, the stock at ₹75.51 trades at 43.1 times trailing earnings.
Written from the quarterly statements. The filing read adds the balance sheet and cash flow filed with this quarter, the auditor's review, segment results, one-off items line by line and what management said on the call.
Most of the profit growth did not come from the business. What lifted the gap?
Reported profit +52.4% on the year; profit before other income, exceptional items and tax +5.3%.
Source: Quarterly statements
Other income is carrying a large and rising share of profit. Treasury gains, interest, or one-off?
Other income was 40% of profit before tax, against 10% a year earlier.
Source: Quarterly statements
Could not run on this quarter: Exceptional items that recur, Finance cost rising, Cash behind the profit, Receivables against sales, Inventory against sales, Borrowing while holding cash, Auditor's review or audit report, IPO money used as stated, Related-party transactions, Exits, postponements, restatements, Promoter pledges and allotments, Earlier promises against delivery, When the results were filed. Most need the filing read (balance sheet, cash flow, auditor, disclosures).
Net profit a year ago, each driver's change, and net profit now. Blue added profit, red took it away.
This quarter's filing carries a balance sheet and a cash flow statement. The cash, receivables and borrowing checks run once the filing read is in.
| Q2 FY24 | Q3 FY24 | Q4 FY24 | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | ₹2,059 cr | ₹2,424 cr | ₹3,996 cr | ₹2,143 cr | ₹2,446 cr | ₹2,809 cr | ₹4,644 cr | ₹2,391 cr | ₹2,914 cr | ₹3,022 cr | ₹4,560 cr | ₹2,260 cr |
| YoY | — | — | — | +12% | +19% | +16% | +16% | +12% | +19% | +8% | −2% | −5% |
| EBITDA margin | 4.7% | 4.8% | 6.1% | 4.3% | 4.1% | 5.1% | 6.3% | 4.6% | 3.6% | 3.8% | 6.3% | 6.9% |
| Other income, % of PBT | 10% | 24% | −22% | 38% | 40% | 28% | −16% | 41% | 50% | 58% | 17% | 29% |
| Exceptional items | — | — | — | — | — | — | — | — | — | — | — | — |
| Tax rate | 22% | 25% | 28% | 25% | 25% | 27% | 27% | 26% | 23% | 25% | 26% | 26% |
| Net profit | ₹82.0 cr | ₹114 cr | ₹141 cr | ₹107 cr | ₹125 cr | ₹142 cr | ₹183 cr | ₹135 cr | ₹157 cr | ₹197 cr | ₹254 cr | ₹158 cr |
| YoY | — | — | — | +39% | +52% | +25% | +30% | +26% | +26% | +39% | +39% | +17% |
| Core profit YoY | — | — | — | +61% | +5% | +22% | +19% | +19% | +3% | −22% | −2% | +42% |
| EPS | ₹0.29 | ₹0.41 | ₹0.50 | ₹0.39 | ₹0.45 | ₹0.51 | ₹0.65 | ₹0.49 | ₹0.57 | ₹0.71 | ₹0.89 | ₹0.57 |
| Flags | · | · | · | ✓ | 2 | ✓ | ✓ | ✓ | 2 | 2 | 1 | ✓ |
Each quarter is read with the same rules. Balance-sheet and cash checks run on half-year and annual quarters; filing-read checks run where a read exists.
NBCC (India) Ltd. reported revenue of ₹2,446 cr (+18.8% on the year) and net profit of ₹125 cr (+52.4% on the year) for July to September 2024.
Profit before other income, exceptional items and tax moved +5.3% on the year, against +52.4% for reported profit.
2 checks raised a question: Most of the profit growth did not come from the business. What lifted the gap?
No. FinMinutes reports what was filed and the questions the numbers raise. It does not recommend buying, selling or holding any security.
Numbers as filed with the exchanges, read by rules. Every flag is a question with its source, not an accusation. FinMinutes is a financial data and analytics platform; nothing here is a recommendation to buy, sell or hold any security. How each check works.