NCC LIMITED

INVESTOR PRESENTATION

November 2017
DISCLAIMER
No representation or warranty, express or implied, is made as to, and no reliance should be placed on, the fairness, accuracy,
completeness or correctness of the information or opinions contained in this presentation. Such information and opinions are
in all events not current after the date of this presentation. Certain statements made in this presentation may not be based on
historical information or facts and may be "forward looking statements" based on the currently held beliefs and assumptions of
the management of NCC, which are expressed in good faith and in their opinion reasonable, including those relating to NCC’s
general business plans and strategy, its future financial condition and growth prospects and future developments in its industry
and its competitive and regulatory environment.
Forward-looking statements involve known and unknown risks, uncertainties and other factors, which may cause the actual
results, financial condition, performance or achievements of NCC or industry results to differ materially from the results,
financial condition, performance or achievements expressed or implied by such forward-looking statements, including future
changes or developments in NCC’s business, its competitive environment and political, economic, legal and social conditions.
Further, past performance is not necessarily indicative of future results. Given these risks, uncertainties and other factors,
viewers of this presentation are cautioned not to place undue reliance on these forward-looking statements. NCC disclaims
any obligation to update these forward-looking statements to reflect future events or developments.
This presentation is for general information purposes only, without regard to any specific objectives, financial situations or
informational needs of any particular person. This presentation does not constitute an offer or invitation to purchase or
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should form the basis of or be relied upon in connection with any investment decision or any contract or commitment to
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part, and in any manner
Copyright © 2011 NCC Limited 2
Table of Contents
Page No.

1 Company Overview 4

2 Construction Business 7

3 Development Business 12

4 Financials 18

5 Key Highlights 21

6 Annexure 23
Copyright © 2011 NCC Limited 3
COMPANY OVERVIEW
 Company Snapshot
Business Structure
• One of the largest Indian construction companies in terms of
revenues
• Presence across buildings & housing, transportation, water &
environment, irrigation, electrical, metals, mining, power and
railways Construction Development
• Well diversified operations having a foothold in every segment
of construction sector Domestic Infrastructure
• Market capitalization: US$ 881.1 Mn as on November 13, 2017
(Source: BSE)
International Real Estate

Key Milestones
Shareholding Pattern (as on September 30, 2017)
ISO 9001-2000
Certified GDR Issue
IPO
of $ 120 Mn Company rebranded Promoters
as NCC
Promoters
Indian Public 19.57%
1978 2004-05 2007 22.16% MFs/DIIs
1994-95
         
2009 2014 FIIs, NRIs, OCBs and
1992 2001 2005 2011 Bodies Corp GDRs
11.51% MFs/DIIs Bodies Corp
Order book Rights Issue FIIs, NRIs, 24.88%
NCC set up as Turnover crosses
Rs. 10 Bn QIP Issue crosses of Rs. 6 Bn OCBs and
partnership firm
Indian Public
of $ 70 Mn Rs. 220 Bn GDRs
Equity 21.88%
Turnover crosses
investment (Based on shareholding data as disclosed to Stock Exchanges)
Rs. 1 Bn
by Blackstone
Copyright © 2011 NCC Limited 5
 Experienced and Professional Management
Experienced • 4,733 employees including 3,072 engineers
Management and • Focus on skills improvement through training
Skilled workforce

• Rakesh Jhunjunwala
Major Investors • DSP Blackrock

• Focus on timely execution has been rewarded by clients in the form of early completion bonuses
 Kalina-Vakola flyover, Mumbai
Client Recognition
 National Academy of Construction, Hyderabad
 Times of India Print City, Navi Mumbai
• Board comprises of 14 directors, including 5 independent directors.
Corporate Governance • Nomination & Remuneration Committee/Audit Committee/Shareholder’s Grievance Committee/
Corporate Social Responsibility Committee headed by independent directors
Select Awards and Accolades

 2006: “Fastest  Forbes Asia,  2010: Company’s  2010: Company’s  Vishwakarma Award  National  One of the Best
Growing 2005: The Annual Report and Annual Report and of CIDC,2016 For award for CFOs of India
Construction only Indian Accounts for the year Accounts for the year  Industry Doyen Award- excellence in by the CIMA, R
Company in construction 2008-09 has been ended 31st March, A R Raju,MD Cost S Raju, 2016
India” company to awarded Certificate of 2009 have been management
be One of the Merit the “ Best “adjudged as the  Best Professionally for the year
 2007: “2nd 200 "Best Presented Accounts 2nd best under the Managed Company 2015 by the
largest Under a and Corporate category Institute of
construction Billion" listed Governance Infrastructure &  Best Construction Cost
company in companies in Disclosures Awards Construction Sector Project- ESIC Accounts of
India” Asia Pacific 2009” by the South by ICAI Awards for Gulbarga India.
Asian Federation of Excellence in
Copyright © 2011 NCC Limited Accountants(SAFA) Financial Reporting” 6
CONSTRUCTION BUSINESS
 Operating Divisions

Buildings & Water &

Roads Electrical Irrigation International
Housing Environment
• Housing projects • Highways • Water supply • Transmission and • Dams • Buildings
• Industrial buildings projects distribution lines and
• Bridges, flyovers sub-stations • Lift irrigation • Roads
• IT Parks and elevated • Treatment plants
• Shopping malls corridors • Project electrification • Gravity irrigation • Water
• Sports complexes • Underground
• Realignment of • System
• Hotels drainages improvement
existing highways
• Hospitals and construction of projects
bypasses

Power Metals Mining Railways

New Divisions

• BOP for thermal and • Tied up with POSCO E&C • Overburden removal • Track Laying
hydro Projects
• EPC for steel plant • Coal excavation • Signaling &
• Tunneling for Hydro projects Communication
• Mine Development cum
Electric Plants Operations (MDO) • Railway Siding

Diversified operations across 10 divisions help mitigate business risks.

Copyright © 2011 NCC Limited 8

 Size & Scale
• Among the top 3 construction companies in India in terms Network of our Offices
of revenues
• Our size and scale help us pre-qualify for larger projects
• Number of offices across India enables active
Delhi
participation in project bids
• Backed by strong execution teams, currently executing Lucknow
around 200 projects at various locations Ranchi
• Demonstrated ability to bid for and win large projects
 Telangana Drinking Water Supply : Rs. 14.45 Bn. Bhopal
 Palamuru-Ranga Reddy Lift Irrigation Scheme:
Rs 13.78 Bn.
Kolkata
 Andhra Pradesh Township Infra Development Ahmadabad
Corporation: Rs. 20.13 Bn.
Bhubaneswar
 Amreli Irrigation- Narmada Water Source: Rs. 10.92 Bn.
Mumbai
Vishakhapatnam
Bangalore
Hyderabad
Kochi
Chennai

Overseas Offices
Dubai, Doha, Muscat,
UAE Qatar Oman
Copyright © 2011 NCC Limited 9
 Segment Wise Execution & Order book
Segment Wise Execution and Order Book as on 30.09.2017
(Rs in Billion)
Water & Others
Power & Internatio
Particulars Buildings Roads Environment Electrical Irrigation (Security Mining TOTAL
Metals nal
and Railways Systems)

Orders on
Hand as on 77.30 5.63 33.49 16.09 19.04 0.99 0.00 18.74 9.62 180.90
01.04.2017
43% 3% 19% 9% 11% 1% 0% 10% 5% 100%
Add: New
Orders 43.81 3.83 25.21 6.84 9.00 0.00 4.89 0.00 0.00 93.58
Received
47% 4% 27% 7% 10% 0% 5% 0% 0% 100%
Less: Value
of Works 16.59 1.86 10.34 2.61 1.31 0.19 0.00 0.06 2.87 35.83
Executed
46% 5% 29% 7% 4% 1% 0% 0% 8% 100%

Balance as 104.52 7.60 48.36 20.32 26.73 0.80 4.89 18.68 6.75 238.65
on 30.09.2017
44% 3% 20% 9% 11% 0% 2% 8% 3% 100%
Less: GST 12.44 0.77 1.25 1.92 0.23 0.08 0.52 2.35 0.00 19.56

Net Balance
as on 92.08 6.83 47.11 18.40 26.50 0.72 4.37 16.33 6.75 219.09
30.09.2017
42% 3% 22% 8% 12% 0% 2% 7% 3% 100%
Copyright © 2011 NCC Limited 10
 Diversified Order Book
Total Turnover: Rs. 35,830 Mn
Total Order Book: Rs. 219,090 Mn
(as on September 30, 2017) (as on September 30, 2017)

Power & Metals, International, Metals +Power,

Buildings Mining, 0% Buildings
0% 3% 1%
Others, 2%
Irrigation, 4%
International,
Roads Roads
Mining, 7% 8%

Water & Water &

Environment Environment+
and Railways Electrical, 7%
Railways
Electrical
Electrical
Irrigation, 12% Buildings, 42%
Buildings, 46%
Irrigation
Irrigation

Electrical, 8%
Power & Metals Water &
Environment+Rai Metals +Power
lways, 29%
Others
Water & Mining
Environment
and Railways, Mining
22%
International

Roads, 3% International
Roads, 5%

Copyright © 2011 NCC Limited 11

DEVELOPMENT BUSINESS
Current BOT Portfolio

NCC Ltd.

67.7%

NCC Infra

Roads

OB Infra Limited (~63 km)

64%

48%
Pondicherry – Tindivanam Tollway Limited (~36 km)

Copyright © 2011 NCC Limited 13

 Execution on Track

Project Exposure of
Revenue NCC(1)
Projects Partners Cost (Rs. COD Current Status (2)
Model
Mn) (Rs. Mn)

Roads

June COD achieved w.e.f 30.06.2009 Securitisation of future cash

OB Infra Annuity KMC 5,896 1245.50 2009 Annuities being received regularly flows achieved.

Pondicherry – IL&FS Dec Toll collection is Rs. 3.0 Lacs per The Loans have been
Tindivanam Toll E&C , 3,621 767.70 2011 day restructured by lending
Terra consortium.

TOTAL ( Roads) 9,517 2,013.20

Copyright © 2011 NCC Limited 14

 Real Estate Projects
• Real estate development spearheaded by NCC
Urban Infrastructure Ltd NCC Ltd. Promoters

• 17 projects planned in the Group 80% 20%

– 8 projects are ongoing currently
• Presence across 6 cities in India and Dubai NCC Urban
• Acreage ~ 245 acres
• No fresh investments from parent company in JHLP
real estate
• NCC Harmony, Dubai Tellapur Technocity Real Estate SPVs
– Construction of twin towers for 1.5 Mn sft
of mixed development at Dubai Biotech & NCC Vizag Urban
Research Park
– Estimated project cost ~ Rs. 18.92 Bn Held directly by NCC Ltd.

• NCC Urban (Consolidated)

• Turnover for H1 FY 2017-18 - Rs. 673.80 Mn
• Net Profit for H1 FY 2017-18 - Rs. 52.67 Mn

Copyright © 2011 NCC Limited 15

 Real Estate Portfolio
Percentage Type of Built up Area
Projects City Acreage Current Status
holding Development (Mn Sqft.)
NCC Urban
Residency, Gachibowli Hyderabad 100% Residential 9.5 1.16 Completed
Phase 1 Completed and
NGHC Ranchi 88% Residential 56.44 2.55
Phase 2 in progress
Meadows Bangalore 100% Residential 8.00 0.65 Completed
Meadows II Bangalore 100% Residential 5.83 0.79 Completed
Serene Bangalore 100% Residential 1.75 0.10 Completed
Aster Park Bangalore 100% Residential 3.20 0.31 Completed
Maple Heights II Bangalore 100% Residential 2.13 0.17 Completed
Green Valley Cochin 100% Residential 0.89 0.18 Completed
Laurel Cochin 100% Residential 1.24 0.16 Completed
Green Province Bangalore 75% Residential 22.61 0.41 Ongoing
Pallavaram Project Chennai 100% Residential 8.00 0.90 Yet to commence
NCC Urban Mist Woods Bangalore 50% Residential 12.00 0.25 Ongoing
Park Square Guntur 64% Residential 2.00 0.23 Completed
Gardenia Hyderabad 55% Residential 4.00 0.63 Ongoing
MunneKollal Bangalore 50% Commercial 2.00 0.22 Yet to commence
Temple Trees Chennai 56% Residential 2.03 0.14 Ongoing
Ivory Heights Bangalore 58% Residential 3.30 0.47 Completed
Copyright © 2011 NCC Limited 16
 Real Estate Portfolio

Percentage Built up Area

Projects City Type of Development Acreage Current Status
holding (Mn Sqft.)

NCC Ltd.

Development
Agreement with
JHLP Hyderabad 25% Residential 6.00 0.80 Mantri
Developers of
Bangalore

Tellapur Technocity Hyderabad 26% Residential & Commercial 100.00 7.5 Yet to commence

NCC Vizag Urban Visakhapatnam 95% Residential & Commercial 98.00 4.9 Yet to commence

Copyright © 2011 NCC Limited 17

FINANCIALS
 Standalone Financials
Revenues (Rs. Mn) Margins
82,969 83,251 78,920 8.9% 8.9%
8.7%
61,173 7.8%
6.6%

33,138
2.9% 2.9% 2.5%
1.3%
0.7%

FY14 FY15 FY16 FY17 H1 FY 18

FY14 FY15 FY 16 FY 17 H1 FY 18

EBITDA Margin PAT Margin

Return on Equity (1) Leverage Position

40000 7.6% 35,107
8.0%

35000 32,312 33,516 7.0% 30000 24841 1.2

6.5% 31,552 6.7% 1.0x 19,951 18,836 15,767 20,350
30000 6.0% 25000 1
25,263
0.6x 0.6x
25000 5.0% 20000 0.6x 0.5x 0.8
4.8%
20000 4.0%
15000 0.6
3.4%
15000 3.0%
10000 0.4
10000 2.0%
5000 0.2
5000 1.0%
0 0
0 0.0% FY14 FY15 FY16 FY17 H1 FY18
FY14 FY15 FY16 FY17 H1 FY18

Total Debt (Rs.Mn) D/E (x)

Networth (Rs.Mn) RoE (%)

(1) ROE = PAT / Average Equity (Avg. Net worth )

Copyright © 2011 NCC Limited 19
Consolidated Financials
Consolidated Revenues (Rs. Mn) Margins
11.8%
10.5% 10.5%
96,595 10.1%
74,632 95,129 92,045
69,684
7.4%

1.3%
0.8% 0.6% 0.4%
0.0%

FY13 FY14 FY 15 FY16 FY17

FY13 FY14 FY15 FY 16 FY 17

EBITDA Margin PAT Margin

Leverage Position

45000 1.4x 1.4x 1.6

40000 1.4
35000 1.0x
0.8x 1.2
30000 0.7x
38,953 1
25000
0.8
20000 39,086
33,897 31,267 0.6
15000
25,587 0.4
10000
5000 0.2
0 0
FY13 FY14 FY15 FY16 FY17

Total Debt (Rs.Mn) D/E (x)

Copyright © 2011 NCC Limited 20
KEY HIGHLIGHTS
NCC : Major Player in an Attractive Industry

1 Size and scale of operations; diversified order book of Rs. 219.09 Bn

2 Track record of timely, effective and quality project execution

3 Seeking to strengthen foothold in international business

4 Experienced and Professional team

5 Strong financials

Copyright © 2011 NCC Limited 22

ANNEXURE
 Divisional Performance as on September 30, 2017
Buildings & Housing+ Roads (Rs. Mn) Water & Environment + Railways (Rs. Mn)
Revenues
Revenues

98,910 47,110
21,330 23,370
26,740 38,900 44,130 13,830 10,340
23,170 18,450 14,550

FY14 FY15 FY16 FY17 H1 FY18 Orderbook

FY14 FY15 FY16 FY17 H1 FY18 Orderbook

Others- Security Systems (Rs. Mn) Electrical (Rs. Mn)

Revenues Revenues 18,400

4,370 8,280 4,820

3,550 5,170
0 0 2,610

FY17 H1 FY18 Orderbook

FY14 FY15 FY16 FY17 H1 FY18 Orderbook

(1) Order book as on September 30, 2017

Copyright © 2011 NCC Limited 24

 Divisional Performance as on September30, 2017
Irrigation (Rs. Mn) Power & Metals (Rs. Mn)
Revenues Revenues

26,500
1,650 1,860
3,050 5,620
3,970 3,480 1,310
2,400 370 190 730

FY14 FY15 FY16 FY17 H1 FY18 Orderbook

FY14 FY15 FY16 FY17 H1 FY18 Orderbook

Mining (Rs. Mn) International (Rs. Mn)

Revenues Revenues

16,330 8,890 6,750

7,330 8,150 9,930
2,870
640 800 330 0 60
FY14 FY15 FY16 FY17 H1 FY18 Orderbook

FY14 FY15 FY16 FY17 H1 FY18 Orderbook

(2) Order book as on September 30, 2017
Copyright © 2011 NCC Limited 25
SIGNIFICANT INCREASE IN GOVERNMENT SPENDING ON INFRASTRUCTURE
● $10 bn planned investment in Airport sector in next 5 Years
Urban Infra. ● Huge opportunities in MASS RAPID TRANSPORT SYSTEM in Urban cities
● Existing & New cities infrastructure upgradation & development
● NHAI revises highway project awarded target to 10,000 km.
Roads & Bridges ● Government approved the biggest highway construction plan, so far in the country, to develop
approximately 83,677 km of roads at an investment of Rs. 6.92 Lakh Crore by 2022.
● Leverage existing construction capabilities
Power ● Proposal to set up National Transmission & Distribution Fund to address T &D
Transmission ● Focus on Transmission lines and sub-station capacities and National smart Grid system

● JNNURM covers 63 cities with $15 bn planned outlay in next 7 years

● Estimated Budgetary support of $23 bn over next 5 yrs for improvement in rural water supply &
Water & sewerage
sanitation
● Estimated investment of $ 5 bn for urban infrastructure over 5 years

● Railways rollout capacity expansion plans– 25000km of track laying in next 10 years
Railways ● Budget Outlay 126000 crs in FY17 – 90 new projects covering 8500 km of expansion
● Eastern & Western Direct Freight corridors & High Speed Railway under priority focus

● “Affordable Housing” to swing construction demand in the sector

Building & ● Rising Income & living standards to generate more demand
housing ● Dearth of quality contractors
● Expected annual construction $60bn
● Growing Economy, GDP & Consumption to spur demand
Industrial ● More demand for Metal, Cement, Oil & Gas in line with Infrastructure growth
● Expected annual construction $10bn
● Power generation to increase by 50% by 2020. Power for all 24 X7 by 2019
Power ● By 2030, capacity needed 8,00,000 MW
● Availability of adequate and quality power for all, necessary for economic growth of 8%+
● Expected annual construction $20bn
Thank you