NCC Ltd

- NCC plans equity investment of INR100-150 crores in smart meter SPVs over 2-3 years, with about 50-70% required in FY '25. - Total equity requirement for related SPVs is around INR400 crores, with a proposal to offload 50% to outside investors at a premium, reducing NCC's net equity outflow to about INR100 crores. - Debt for smart meter projects is not expected to impact NCC’s balance sheet significantly; SBI Caps and SBI are in advanced stages to take full debt exposure. - For big projects and SPVs, maximum debt outflow expected from NCC in FY '25 is INR50-100 crores. - Overall company debt expected between INR1,300 crore and INR1,500 crore by year-end, with targets to reduce debt below INR1,000 crore in FY '25 due to minimal capex and strong cash flows. - Discussions with banks and industrial investors on equity and debt mobilization are advanced, expected to conclude by March 2024.

- NCC expects an equity investment requirement of around INR 100-150 crores over 2-3 years for smart metering SPVs, specifically about INR 50-80 crores in FY '25. - Total equity requirement for two smart meter SPVs is estimated at INR 400 crores, with plans to offload 50% to outside investors, which may reduce NCC's net equity investment to approximately INR 100 crores. - Discussions with banks like SBI and SBI Caps indicate no significant debt outflow expected for SPVs; debt tie-ups are in advanced stages. - For large new projects starting next year, NCC estimates a capex/equity investment of about INR 100 crores or less in FY '25. - Equity infusion phasing: 50-70% expected in FY '25, balance thereafter. - No major additional debt anticipated beyond INR 1,300-1,500 crores by year-end. - Funding for smart meter projects and other strategic investments is well planned with mobilization advances and investor interest.

- For the full year, NCC Limited expects around 32-33% revenue growth based on current trends (Page 7). - Fourth quarter growth is anticipated at 25-30% (Page 7). - Management plans to provide detailed growth guidance post Board approval, likely by May along with Q4 results (Page 10). - Order book execution visibility is high, with 80-85% executable in the next 2-3 years, supporting sustained revenue momentum (Page 11). - The company is optimistic about continued order inflows, including fresh smart metering projects and water sector opportunities (Page 17, Page 13). - EBITDA margins expected to remain around 10% or improve slightly, supporting profitable growth (Page 9). - Working capital improvements and steady debt levels improve financial stability aiding growth (Page 7).

- FY '24 full-year revenue growth expected around 32-33%, with Q4 growth projected at 25-30%. - EBITDA margins to remain stable or slightly improve, with an expectation not to fall below current levels (~10%+). - Management indicates continued momentum into FY '25, supported by a strong order book and ongoing projects. - Exact guidance for FY '25 growth to be provided after Board approval post Q4 results (expected in May). - Smart metering projects and new large projects offer growth potential, but execution and funding risks will be evaluated case-by-case. - Debt levels targeted below INR 1,000 crores in FY '25 due to lower SPV investments and improving cash flows, potentially supporting profitability. - Overall, cautious optimism on maintaining or modestly improving margins, with healthy revenue growth expected driven by execution ramp-up.

- As of December 31, 2023, the consolidated order book balance is INR 57,440 crores. - The total Jal Jeevan Mission (JJM) projects awarded to NCC are about INR 16,700 crores, with 43% executed by December 2023. - Approximately 50% of the balance orders (roughly INR 1,700 crores) are expected to be completed by March end; the remaining balance is expected to take about 1 more year to complete. - The target order inflow for the current year is INR 26,000 crores, with INR 21,238 crores secured in 9 months. - Additional L1 orders amount to about INR 4,000 crores plus INR 1,250 crores LOA recently received. - Standalone order book as of Q3 is INR 50,154 crores. - Expected 80-85% of the order book is executable within the next 2 to 3 years.