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NCC (formerly Nagarjuna Construction Company) has registered 12% growth in its consolidated revenue to Rs 2780.26 crore for the quarter ended March 2016. But a 40 bps contraction in operating profit margin restricted the growth at operating profit at 7% to Rs 284.07 crore. However a 53% fall in other income to Rs 38.26 crore, higher interest cost (up 1% to Rs 173.50 crore) and higher depreciation (up 14% to Rs 82.57 crore) has dragged the PBT before EO down by 35% to Rs 66.26 crore. With EO expense for the quarter stand at 40.17 crore as against nil in the corresponding previous period, the PBT after EO was down by 74% to Rs 26.09 crore. Even though the absolute tax provision was down by 56% to Rs 13.12 crore, the tax rate stood higher and thus the de-growth at PAT level magnified to 82% to Rs 12.97 crore. After accounting for lower share of loss from associates and higher minority interest (as share of loss of minorities is RS 21 crore compared to a share of loss of RS 11.10 crore in the corresponding previous period. Thus the net profit was down by 49% to Rs 26.40 crore.
The standalone sales for the same period were higher by 11% to Rs 2452.16 crore. But a 10 bps expansion in OPM has resulted in 13% growth in operating profit to Rs 209.11 crore. After accounting for lower other income, lower interest cost and flat depreciation has resulted in 31% growth at PBT (before EO) to Rs 102.84 crore. The EO expense was Rs 20.32 crore compared to nil in the corresponding previous period. Thus the PBT after EO was up by 5% to Rs 82.52 crore. The taxation was down by 55% to Rs 12.47 crore and the PAT was up by 38% to Rs 70.05 crore.
Aggregate sales of subsidiaries as ascertained by deducting standalone sales from consolidated sales, was higher by 18% to Rs 328.1 crore. But the operating profit was down by 6% (to Rs 74.96) as OPM contract by sharp 590 bps (to 22.8%). Other income (net) was an expense of Rs 13.2 crore as against a profit of Rs 26.48 crore in the corresponding previous period. Unable to cover the interest and depreciation cost the PBT was a loss of Rs 36.58 crore compared to a profit of Rs 23.07 crore in the corresponding previous period. Eventually at PAT level the loss was Rs 57.08 crore compared to a profit of Rs 20.05 crore in the corresponding previous period.
Yearly performance
Consolidated sales was up by 1% to Rs 9583.48 crore and that with 60 bps expansion in OPM, the operating profit was up by 6% to Rs 1061.38 crore. The PBT before EO was higher by 84% to Rs 20.7.84 crore and with EO being expense of Rs 40.17 crore compared to nil in the corresponding previous period. Thus hurt the growth at PBT after EO moderated. The PBT was up by 49% to Rs 167.67 crore. The taxation was up by 51% to Rs 77.32 crore and thus the PAT was up by 47% to Rs 90.35 crore. After accounting for higher share of loss pertain to minority interest (up 466% to Rs 34.04 crore) and higher loss from associates (up 2% to Rs 13.84 crore), the net profit (after minority interest) more than doubled (up 105%) to Rs 110.55 crore.
Standalone sales for the period was flat at Rs 8325.16 crore and with 110 bps expansion in OPM, the operating profit was up by 14% to Rs 737.38 crore. Aided further by marginally higher other income, lower interest cost and lower deprecation, the PBT before EO was up by 99% to Rs 316.31 crore. EO was expense of Rs 20.32 crore compared to nil in the corresponding previous period. The taxation was up by 55% to Rs 73.14 crore but the tax rate for the period stood lower at 24.7% as against 29.7% in corresponding previous period. Eventually the net profit was up by 99% to Rs 222.85 crore.
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