Anand Rathi 's research report on NCL Industries
The general slowdown and lockdown in Mar’20 took a toll on NCL’s Q4 performance; its revenue/EBITDA/PAT declined 9%/59%/71%. On good demand, however (the Polaveram dam/road projects, etc.), volume recovery is expected to be rapid. The WHRS expansion continues to be delayed, and the Chinese JV may be in trouble in the present circumstances.
Outlook
The proposed (Vishakhapatnam) expansion and (Mattapally) modernisation will keep debt high. We retain our Buy rating, with a higher TP of `108 (earlier `91).
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