NCC Limited

Corporate Presentation

November 2021
DISCLAIMER
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Forward-looking statements involve known and unknown risks, uncertainties and other factors, which may cause the actual
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Copyright © 2017 NCC Limited 2
Table of Contents
Page No.

1 Company Overview 4

2 Business Verticals 10

3 Key Investment Highlights 17

4 Company Strategy 29

Copyright © 2017 NCC Limited 3

COMPANY OVERVIEW
Company Snapshot (1/5)
Overview
• One of the largest Listed construction companies in terms of revenue in Shareholding – As on September 30, 2021
India
• Well diversified order book with presence across buildings & housing,
roads, water & environment, irrigation, electrical, metals, mining and
railways
• Pan India presence with offices across 13 cities in key states such as Promoters
Maharashtra, Andhra Pradesh, Telangana, Karnataka, Gujarat, Uttar
Pradesh, West Bengal, Tamil Nadu, etc.
• Experienced Management and skilled workforce which includes 5092 Promoters
employees (including 3352 Technical), currently executing around 120 19.68%
FIIs, NRIs and OCBs
active sites at various locations (As on September, 30, 2021)
• Order Book of INR 39,112 Cr as on September 30, 2021. New orders of
INR 5,611 Cr received during H1 FY 22
FIIs, NRIs and
• Market capitalization: INR 4,817.79Cr as on November 11, 2021 OCBs
14.66% MFs/DIIs
• Key projects executed: Indian Public
o Agra Lucknow Expressways – Uttar Pradesh 44.70%
o ESI Hospital and Medical College, Gulbarga, Karnataka MFs/DIIs
11.59%
o Outer ring Road, Hyderabad Growth Corridor – Telangana
Bodies Corp
o Infrastructure development, Ministry of Defence - Arunachal Pradesh
o Water Supply Project, Rajkot - Gujarat
• Major investors having stake in the Company: Bodies Corp
9.36%
o Rekha and Rakesh Jhunjhunwala Indian Public
o Nippon Life India Trustee Ltd
o Aditya Birla Sun life
o IDFC Sterling Value Fund

Copyright © 2017 NCC Limited 5

Company Snapshot (2/5)
Key Milestones Group Business Structure

NCCL Group Revenue

Turnover Crosses INR 12,000 Cr.
2019 of H1 FY 21-22
Order Book Crosses INR 41,000 Cr

2017 Secured 1st MDO Order

NCC Ltd (Standalone) Subsidiary Companies
2012 Order Book crosses INR 20195 Cr Revenue Contribution – 88% Revenue Contribution – 12%

2005 Turnover crosses INR 1000 Cr • Revenue contribution • NCC International LLC,
from Construction Oman – Construction
2002 ISO 9001:2000 certified business of NCC (on • NCC Urban -Real Estate,
standalone basis) Mining, BOT & Others

1995 Turnover crosses INR 100 Cr

1992 Initial Public Offering

1990 Converted into Public Limited Company

1978 NCC set up as partnership firm

Copyright © 2017 NCC Limited 6

 Company Snapshot (3/5)
Pan India Presence

Delhi
Lucknow
Ranchi

Bhopal

Ahmadabad Kolkata

Bhubaneswar
Mumbai
Vijayawada
Bangalore
Hyderabad
Kochi
Chennai

Regional offices controlled by Directors and / or senior management facilitate efficient and timely decision making

Copyright © 2017 NCC Limited 7

 Company Snapshot (4/5)
Diversified Order Book - (Consolidated)
Total Order Book: Rs. 39,112 Cr Total Turnover: Rs. 4,428 Cr
(as on September 30, 2021) (as on September 30, 2021)
Mining, 6%

Others, 1% Buildings
Other, 1%
Buildings
Mining, 12%

Irrigation, 6% Roads
Roads
Irrigation, 3%
Electrical, 5%
Water &
Environment and Water &
Railways Environment+Railwa
Buildings, 36%
Electrical Electrical, 12%
Electrical
Water &
Environment Buildings, 57%
and Railways, Irrigation
22% Water &
Irrigation
Environment+Rail
ways, 20%
Others
Roads, 16% Mining

Roads, 3%
Mining
Other

Copyright © 2017 NCC Limited 8

 Company Snapshot (5/5)

Segment- wise Order Book as on 30.09.2021

W&E Internation
Particulars Buildings Roads Electrical Irrigation Mining Others TOTAL
& Railways al

Orders on 21157 1954 7078 2438 2442 2592 17 251 37928

Hand as on
01.04.2021
56% 5% 19% 6% 6% 7% 0% 1% 100%

Add: New 2823 95 2272 194 0 194 0 33 5611

Orders
Received
50% 2% 40% 3% 0% 3% 0% 1% 100%

Less: Value of 1597 712 881 510 128 542 3 55 4428

Works
Executed
36% 16% 20% 12% 3% 12% 0% 1% 100%

22383 1337 8469 2122 2314 2244 14 229 39112

Net Balance as
on 30.09.2021
57% 3% 22% 5% 6% 6% 0% 1% 100%

Copyright © 2017 NCC Limited 9

BUSINESS VERTICALS
 Operating Divisions
Building & Water &
Roads Electrical Irrigation International
Housing Environment
• Industrial buildings • Highways • Water supply • Transmission and • Dams & Reservoirs • Roads
• Commercial • Highway projects distribution lines • Canals • Buildings
buildings realignment and • Water treatment and sub-stations • Tunnels • Water pipelines
• Housing projects Bypass plants • Project • Barrages, Spillways
• IT Parks • Carriageway • Distribution electrification and Aqueducts
• Shopping malls widening and networks • System
• Sports complexes strengthening • Underground Improvement
• Hospitals drainages Projects
&Medical colleges • Lift irrigation
• Bridges, flyovers schemes
and elevated
corridors
• Metros

Mining Railways Others

• Overburden • Track Laying • Power

removal • Signaling and • Oil & Gas
• Coal excavation Communication • Metals
• MDO • Railway Siding • Others

Diversified operations across various divisions help mitigate business risks

Copyright © 2017 NCC Limited 11

Building & Housing
Order Book (As on September 30, 2021) Details of Major Projects Completed

Project Value
Project Name Location
(INR Cr)

APTIDCO 2 Locations 1789

INR 22,383 Cr
Building & NBCC KIDWAI NAGAR New Delhi 698
Housing
57.00%
NAGPUR METRO Nagpur 562

SAMAJWADI AWAS YOJANA Lucknow 377

Key Clientele Details of Major Projects Under Execution

Project Value
Project Name Location
Client Name (INR Cr)

AIIMS
4 Locations 3717
Uttar Pradesh Housing & Development Board
The Project Seabird, New Delhi
Airport Authority of India (SEABIRD PHASE IIA ,KARWAR) (2 Karnataka 2442
All India Institute of Medical Sciences (AIIMS) Projects)

NBCC Limited Airport Authority of India 3 Locations 1693

Director General Project Seabird (AOD)

MMRDA Mumbai Metro Mumbai 857
Lucknow Development Authority
Mumbai Metropolitan Region Development Authority
(MMRDA)
Copyright © 2017 NCC Limited 12
Water & Environment
Order Book (As on September 30, 2021) Details of Major Projects Completed

Project Value
Water & Project Name Location
(INR Cr)
Environment
22.00% INR 8,469 Cr SAUNIYOJANA L-3 P-1 & P-2 2 Locations 1247

TDWSP-RR Ranga Reddy

1517
District

Water Supply Projects - BILWARA – 1 Rajasthan 535

&2

Key Clientele Details of Major Projects Under Execution

Project Value
Client Name Project Name Location
(INR Cr)
Gujarat Water Supply and Sewerage Board State water & Sanitation Mission, Govt 10 Disctrict of UP 8255
Government of UP of UP
Namami Gange & Rural Water Supply Mirzapur & Jhansi 1084
Government of Jharkhand
TDWSP-WARANGAL Warangal 721
Govt of Telangana
SAUNI PKG-6 PH-II L-4 Amreli 681
Public Health Engineering Department, Rajasthan
Public Works Departments, Government of West Bengal

Copyright © 2017 NCC Limited 13

 Roads
Order Book (As on September 30, 2021) Details of Major Projects Completed

INR 1,337 Cr Roads Project Value

3.00% Project Name Location
(INR Cr)

Agra Lucknow Expressways Uttar Pradesh 1560

Hyderabad Growth Corridor Limited Hyderabad 761

Key Clientele Details of Major Projects Under Execution

Project Value
Client Name Project Name Location
(INR Cr)
National Highways Authority of India Nagpur Mumbai express way Maharashtra 2850
UP Expressways Industrial Development Authority
Jabalpur Flyover Jabalpur City 686
Capital City Development and Management Corporation,
Vijayawada Madurai Ring Road Tamilnadu 440

MSRDC Limited Double Deck Flyover – Chandni Maharashtra 331

Chowk - Chhapra Town
White topping of Roads -
Karnataka 267
Bengaluru

Copyright © 2017 NCC Limited 14

Irrigation
Order Book (As on September 30, 2021) Details of Major Projects Completed
Irrigation
6.00%
Project Value
INR 2,314 Cr Project Name Location
(INR Cr)

Gandak Canal Project Bihar 543

Sardar Sarovar Narmada Nigam Ltd. Gujarat 454

Water Resources Dept. Birpur Bihar 153

Details of Major Projects Under Execution

Key Clientele
Project
Project Name Location Value
Client Name (INR Cr)

Sardar Sarovar Narmada Nigam Limited Lift Irrigation Project (PRLIS) Telangana 1008

Water Resources Department, Govt. of Bihar Formation of Reservoir project –

Telangana 592
Water Resources Department, Govt. of Chattisgarh Baswapur

Govt. of Andhra Pradesh, Water resources department Moderanisation of Midpennar South Canal Andhra
441
_ Pakage 43 & Pakage 44 Pradesh

Copyright © 2017 NCC Limited 15

Electrical
Details of Major Projects Completed
Order Book (As on September 30, 2021)

Electrical6 Project Value

Project Name Location
5.00% (INR Cr)
INR 2,122 Cr
TG&D Corpn Ltd, Chennai-Erode Tamilnadu 254

PVNL- RGGY - Phase II Allahabad Uttar Pradesh 165

Power Grid Corpn.of India Ltd.

Andhra Pradesh 131
TW- 01 & TW-02
MSEDCL – Nashik Maharashtra 74

Key Clientele Details of Major Projects Under Execution

Client Name Project Value

Project Name Location
(INR Cr)
Purvanchal vidyut Vitran Nigam Limited PVVNL- Saubhagya- Meerut Uttar Pradesh 475
Dakshinanchal Vidyut Vitran Nigam Limited Jharkhand Bijili Vitran Nigam
Jharkhand 538
Madhyanchal Vidyut Vitran Nigam Limited Limited, Ranchi

West Bengal State Electricity Distribution Co Ltd BESCOM, KENGERI,Indiranagar,

Bangalore 610
Jayanagar
Jharkhand Bijili Vitran Nigam Limited
Power Grid Corpn.of India Ltd

Copyright © 2017 NCC Limited 16

KEY INVESTMENT HIGHLIGHTS
 Key Investment Highlights
1
Strong Execution Track Record
2
Diversified Order Book across
Industry Segments and Geography
Robust Financials with Strong
Credit Rating
4
Professional Board with Strong
Corporate Governance
5
Favorable Industry Dynamics
Copyright © 2017 NCC Limited
• More than Four decades of experience in completing numerous construction projects across
roads, buildings, bridges, irrigation & mining etc. with timely execution
• Robust and regionally diversified order book diversified across 27 states in India with strong
counterparties
• Order book of INR 39,112 Cr (as on September 30, 2021) and order book to sales ratio of 5x
provides strong cash flow visibility for next 5 years
• Company has stable financial performance in terms of margins and return metrics along with low
leverage
• India Ratings - “A” with positive outlook
• Board comprising of 5 Executive, 1 Non-executive non-independent and 4 Independent directors
• Strong Corporate Governance due to institutional ownership and presence of independent
directors in board & various committees
• Various initiatives such as Bharat Mala, Sagar Mala, Pradhan Mantri Awas Yojna, Namami Gange
Programme, Freight Corridors, Industrial Corridors, Smart Cities, etc. to provide additional
impetus to Construction industry
18
Strong Track Record
Details of Major Projects Completed Ability to Win Large Projects

Project Cost Year of

Project Name Location Demonstrated ability to bid for and win large projects
(INR Cr) completion
• State water & Sanitation Mission, Govt of UP, Lucknow (2 Projects) :
TDWSP – Ranga Reddy Telangana 1516 2019-20 INR 5854 Cr
Agra Lucknow Expressways Uttar Pradesh 1560 2017-18 • Nagpur Mumbai express way, Maharashtra : INR 2850 Cr
ESIC Hospital & Medical • The Project Seabird, New Delhi (SEABIRD PHASE IIA ,KARWAR) (2
Karnataka 1073 2014-15
College Projects ) : INR 2442 Cr
IISCO Steel plant Blast • Building Project by NBCC, Nauroji Nagar, New Delhi: INR 1652 Cr
West Bengal 784 2014-15
furnace

Details of Major Projects Under Execution

Key Clientele

Project
Client Name
Project Name Location Cost
(INR Cr)
Indian Railway Power Grid Indian Oil
Nagpur Mumbai express way Maharashtra 2850
Coal India CIDCO Airport Authority of India
The Project Seabird, New Delhi (SEABIRD
Karnataka 1127 National Aluminum Steel Authority Hyderabad Growth
PHASE IIA ,KARWAR)
NBCC India Limited, New Delhi ( ITC – Company of India Corridor
New Delhi 1560
NAUROJI NAGAR) National Highways Bharat Heavy Maharashtra Airport
Pune Metro Package-1 & 2 Maharashtra 1096 Authority of India Electricals Development
NBCC India Limited, New Delhi ( AIIMS NTPC NBCC Indian Army
Chhattisgarh 1063
BILASPUR)

Copyright © 2017 NCC Limited 19

 Divisional Performance as on September 30, 2021
Buildings & Housing (Rs. Cr) Water & Environment + Railways (Rs. Cr)
Revenues
Revenues
8469
22,383

2,289 2,691 1,866 1,681

3,522 5,419 3,543 2,776
881
1,597

FY 18 FY 19 FY 20 FY 21 H1 FY 22 Order FY 18 FY 19 FY 20 FY 21 H1 FY 22 Order book

book
Electrical (Rs. Cr) Irrigation (Rs. Cr)
Revenues Revenues
2,314
2,367
2,122

963 992 431 387

751 263 298

510 128

FY 18 FY 19 FY 20 FY 21 H1 FY 22 Order FY 18 FY 19 FY 20 FY 21 H1 FY 22 Order
book book
(1) Order book as on September 30, 2021

Copyright © 2017 NCC Limited 20

 Divisional Performance as on September 30, 2021
Mining (Rs. Cr) Others (Rs. Cr)
Revenues Revenues

2,244 266 229

654 65 49
351 11
34 67
542
55

FY 18 FY 19 FY 20 FY 21 H1 FY 22Order book
FY 18 FY 19 FY 20 FY 21 H1 FY 22 Order book

International (Rs. Cr) Roads (Rs. Cr)

Revenues Revenues

629 1,337
1,185 1,213
412
301 672
132 386
14 712

FY 18 FY 19 FY 20 FY 21 H1 FY 22 Order book FY 18 FY 19 FY 20 FY 21 H1 FY 22 Order

book
(1) Order book as on September 30, 2021

Copyright © 2017 NCC Limited 21

 Robust Financials with Strong Credit Rating (1/3)-
1
Standalone Financials
Revenue (INR Cr)
Margins
12,198 11.8% 12.5% 11.8%
8,370 10.7%
7,371
4,135

4.6% 4.6%
3.5% 3.8%

FY 19 FY 20 FY 21 H1 FY 22 FY 19 FY 20 FY 21 H1 FY 22
EBITDA Margin PAT Margin

Return on Equity Leverage

Networth (INR crs)
5600 14.0%
RoE (%)
2.9%
7.5% 5%
5400 12.0%
11.9% Total Debt (INR crs) D/E (x)
2150 0.4500
5469 2,102
5200 10.0% 2100
1993 0.4000
2050
1,910 0.3500
5000 8.0% 2000
5369 0.3000
5106 1950 1,789 0.4x
4800 6.0% 1900 0.2500
0.4x
1850 0.4x 0.2000
4600 4756 4.0% 1800
0.1500
1750 0.3x
0.1000
4400 2.0% 1700
1650 0.0500

4200 0.0% 1600 0.0000

FY19 FY20 FY21 H1FY22 Note:

FY19 FY20 FY21 H1 FY22
1. All figures are derived from standalone financials
Copyright © 2017 NCC Limited 2.
3.
EBITDA Margin: EBITDA / Operating Revenue; PAT Margin = PAT / Total Revenue;
RoE = PAT / Net Worth 22
 Robust Financials with Strong Credit Rating (2/3)-
2
Consolidated Financials
Consolidated Revenues (Rs. Cr) Margins
12.4% 12.2%
11.6%
13,020
10.3%
9,014 8,065

4,646

4.4%
3.5% 3.5% 3.5%

FY 19 FY 20 FY 21 H1 FY 22
FY 19 FY 20 FY 21 H1 FY 22

EBITDA Margin PAT Margin

Leverage Position
3000.0 0.6x 0.600x
0.4x 0.4x 0.4x
2500.0 0.500x
2000.0 0.400x
1500.0 2,181 0.300x
2,691
1000.0 2,062 2,316 0.200x
500.0 0.100x
0.0 0.000x
FY19 FY 20 FY 21 H1 FY 22 Note:
1. All figures are derived from consolidated financials
Total Debt (Rs.Mn) D/E (x) 2. EBITDA Margin: EBITDA / Operating Revenue;
3. PAT Margin = PAT / Total Revenue;

Copyright © 2017 NCC Limited 23

3 Robust Financials with Strong Credit Rating (3/3)
Finance Cost (INR Cr) (Actual / % of Turnover)
Finance Cost Comprises of:
451 517 458
• Interest on Working Capital Loans & Cash Credit 220

• Interest on Term Loans

• Interest on Mobilization Advances
• Commission on Bank Guarantees and Letter of Credits 6.2 6.21 5.3
3.7
• Other Financial Charges

FY 19 FY 20 FY 21 H1 FY 22
Working Capital Assistance from Banks Finance cost % Turnover
(As on September 30, 2021)

Sl. No. Particulars Limit (INR Cr)

Rating of the Company:
1. Cash Credit & WCDL 2188

2. Bank Guarantees 9499 • External rating of the company is “A“ with positive outlook
3. Letter of Credit 1000 by India Ratings
TOTAL 12687

Copyright © 2017 NCC Limited 24

 Favorable Industry Dynamics (1/3) (Rs. Cr)

Investment Planned Under NIP

Roads

3,83,283 3,56,966
3,32,559 3,32,659
2,52,780
2,40,761

FY20 FY 21 FY 22 FY 23 FY 24 FY 25

Urban Infrastructure

4,62,208
4,04,134
2,98,174
2,34,858 2,17,164
1,59,872

FY20 FY 21 FY 22 FY 23 FY 24 FY 25
Copyright © 2017 NCC Limited 25
Source: Crisil
 Favorable Industry Dynamics (2/3) (Rs. Cr)

Investment Planned Under NIP

Railways Airports

3,08,800 2,73,831
2,62,465 24,820 25,386
18,667 21,655 21,334
1,33,387 2,21,209 3,32,659
5,141

FY20 FY 21 FY 22 FY 23 FY 24 FY 25
FY20 FY 21 FY 22 FY 23 FY 24 FY 25

Irrigation

2,00,615 1,75,669
1,14,463 1,37,358
1,15,281 70,474

Copyright © 2017 NCC Limited FY20 FY 21 FY 22 FY 23 FY 24 FY 25 26

Source: Crisil
Favorable Industry Dynamics (3/3) (Rs. Cr)

Sector-Wise Capital Expenditure in Infrastructure

Energy
Social Infrastructure, 1,68,727 Industrial Infrastructure,
3,93,386
Agri & Food Processsing Roads
Energy, 26,90,003
Infrastructure, 7,73,915
Railways

Rural Infrastructure, 8,94,473

Ports

Airports
Irrigation, 3,09,672
Urban Infratructure

Irrigation

Urban Infratructure, 19,19,267

Rural Infrastructure

Agri & Food Processsing Infrastructure

Airports, 1,43,448 Roads, 20,33,823

Social Infrastructure
Ports, 1,21,194

Railways, 13,67,563 Industrial Infrastructure

Copyright © 2017 NCC Limited 27

COMPANY STRATEGY
Company Strategy

• Focus on core competency of the Company i.e. Construction Business (EPC and Item rate contracts) with
Asset Light Business asset light strategy
Model • Monetize BOT and Real Estate Assets exposure on a case to case basis
• Limited exposure to selective HAM projects in Roads

• With impetus of Government on development of Infrastructure and housing for all in India, focus on
Focus on India bidding for construction projects in India
• Exit from middle east construction business

• Continuing efforts in improving operational efficiency and reduction of costs

Improving Operational • Focus on superior management and better control of projects by strengthening MIS and Review System
Efficiency and Return
Metrics • Sustained efforts on improving EBITDA and Net Profit Margins
• Reduction of Debt and Interest Costs

Copyright © 2017 NCC Limited 29

Thank you