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NCC Ltd Management Discussions

Jul 16, 2024|12:14:58 PM

NCC Ltd Share Price Management Discussions


The outlook for the global economy took a positive turn early in the year. Inflationary pressures began to ease, with global energy prices back at levels last seen prior to the invasion of Ukraine. In addition, base effects from the rise in energy prices following the invasion are now coming off, putting further downward pressure on inflation for the rest of this year. Prices of other commodities as well as global food prices have also eased. However, domestic inflationary pressures remain relatively elevated in several economies, in particular those with tighter labor markets.

While the outlook for inflation has improved significantly, many central banks remained cautious at the start of the year. The concern was that the bout in inflation, as a result of the reopening of economies after Covid-19 restrictions followed by a commodity shock due to the invasion of Ukraine, has been embedded in inflation expectations and therefore pricing behaviors of firms and wage expectations of employees. The worry is that inflation could remain sticky, with core inflation (which excludes items such as food and energy) stubbornly high and price rises widespread across the economy due to a relatively tight economic environment in some countries.

The pressure on global supply chains has eased significantly in recent months, while shipping costs have dropped. This should help alleviate some inflationary pressures and improve supply capacity. Global trade remains relatively weak, although we expect it to recover this year as trade flows normalize with the reopening of the Chinese economy and a recovery in global growth, while the geopolitical tensions are expected to continue and exert some pressure on trade flows over the medium term. The labor market remains relatively tight across most countries. Despite the resilience of the labor market and the improving inflation conditions, the global economic growth is expected to be driven by the recovery of the Chinese economy and a relatively strong growth in some of the emerging markets particularly India, while the Eurozone and U.S. economies are expected to contribute less to global growth over the next two years.


India became the worlds fifth largest economy. The nominal GDP of India touched US$ 3.75 trillion mark. In real terms, the economy has grown at 7.2 per cent for the year ending March 2023. This follows a 9.1 per cent growth in the previous financial year. The rise in consumer prices has slowed considerably. The annual rate of inflation is below 6 per cent. Wholesale prices are rising at a rate below 5 per cent. The export of goods and services in 2022-23 increased by about 14 per cent to US$ 770.18 billion compared to 2021-22 (US$ 676.53 billion). Although the high oil price this year compared to last year inflated Indias import bill and caused the merchandise trade deficit to widen, concerns over the current account deficit and its financing have ebbed as the year rolled on. Foreign exchange reserve levels are comfortable and external debt is low. India had good monsoon and the fundamentals of the Indian economy are sound as it enters its Amrit Kaal, the 25-year journey towards its centenary as a modern, independent nation.


Infrastructure is crucial for economic growth and development. As India strives for sustainable and inclusive progress in the next 25 years (Amrit Kaal) following its 75th year of Independence in 2021, infrastructure development becomes even more vital. Investments in infrastructure yield significant benefits, including job creation, enhanced global competitiveness, the attraction of Foreign Direct Investment (FDI), seamless economic integration, and improved living standards. The evolving geopolitical landscape and diversification of the global value chain present an opportunity for India to emerge as a major global force after the pandemic. To seize this opportunity, India must enhance domestic preparedness, improve competitiveness, and minimize logistics costs.

Indias share in global merchandise exports is only 1.8% (2022), emphasizing the need to sign new trade agreements and increase its global exports. However, to fully capitalize on access to global markets, India must enhance its competitiveness. In the World Economic Forums Global Competitiveness Index (2019), India ranked 68th overall and lagged in utility infrastructure (rank 103), despite performing relatively better in transport infrastructure (rank 28).

Logistic infrastructure plays a critical role in boosting a countrys overall competitiveness. Indias logistic costs as a percentage of GDP are estimated to be 14-18%, higher than the global benchmark of 8%. Efforts have been made in recent years to develop roads, railways, ports, airports, last-mile connectivity, and warehousing. Although Indias ranking in the World Banks Logistic Performance Index improved to 38th in 2023 from 44th in 2018, it still lags behind economies like Germany (3rd), Japan (13th), the United States (17th), and China (19th).

The introduction of the National Logistics Policy (NLP), aimed at creating a comprehensive tech-enabled logistics infrastructure, and the PM Gati Shakti plan, focusing on integrated multimodal connectivity, will further support the logistics sector. The government has also announced initiatives like the National Infrastructure Pipeline (NIP) with a planned capital expenditure of more than 142 lakh crore between FY20-25, National Monetization Pipeline (NMP), which plans to raise about 6 lakh crore through the monetization of assets, between FY22-25 and PM Gati Shakti plan to foster holistic development in the infrastructure sector. The sector wise investment in the NIP is: -

Sector wise Capex (NIP) - FY2020-25

S.No. Sector Outlay ( Lakh Cr)
1 Roads 31.69
2 Energy 29.75
3 Social Infra 20.10
4 Railways 16.49
5 Irrigation 12.48
6 Water & Sanitation 9.34
7 Urban Infra 9.15
8 Industrial Infra 5.04
9 Logistics 3.67
10 Airports 1.47
11 Digital Infra 1.11
12 Agriculture 1.07
13 Ports 1.02
Total 142.38

Source: India Investment Grid, Ministry of Commerce & Industry, GoI

Source: India Investment Grid, Ministry of Commerce & Industry, GoI

The sector wise monetization of the assets as per the NMP is: -

Sector wise Monetisation (FY22-25)

S.No. Sector Outlay (Rs Cr)
1 Roads 1,60,200
2 Railways 1,52,496
3 Power Transmission 45,200
4 Power Generation 39,832
5 Telecom 35,100
6 Warehousing 28,900
7 Mining 28,747
8 NG Pipelines 24,462
9 Product Pipelines 22,504
10 Aviation 20,782
11 Urban Real Estate 15,000
12 Ports 12,828
13 Stadiums 11,450
Total 5,97,501

Source: National Monetization Pipeline, Vol-II, NITI Aayog, GoI

Source: National Monetization Pipeline, Vol-II, NITI Aayog, GoI

The Central Government has launched several schemes, which will give a boost to the construction sector viz.

1. Jal Jeevan Mission, to provide a Functional Household Tap Connection (FHTC) to every rural household in the country by FY24. The outlay for this scheme is 3.6 lakh crore between FY20-24.

2. The Revamped Distribution Sector Scheme (RDSS) of the Government of India seeks to improve the operational efficiencies and financial sustainability of DISCOMs for strengthening of power supply infrastructure. The scheme will be implemented between FY22-26 with an outlay of 3.03 lakh crore.

3. The AMRUT 2.0 envisages to provide tap water connection to every household and sewerage/ septage services in 500 cities at an outlay of 2.99 lakh crore. The timeline for this scheme is five years (FY22-26).

4. The Swachh Bharat Mission - Urban 2.0 has an ambitious vision of creating Garbage Free Cities by focusing on solid waste management. The scheme will be implemented between FY22-26 with an outlay of 1.41 Lakh crore.

5. The "Parvatmala Pariyojana", National Ropeway Development Program, was launched to improve connectivity for commuters in hilly areas and decongest urban areas where the conventional mode of transport is saturated. Under this scheme, it is planned to develop over 250 ropeway projects covering around 1,200 kms at an investment of 1.25 lakh crore over a period of five years.

6. The National Electricity Plan (Generation) has planned to add Power Generation capacity of 211.8 GW at an investment of 14.5 lakh crore between 2022-27 and add 291.8 GW at an investment of 19.06 lakh crore between 2027-32.

Improved infrastructure will also bolster the success of other government initiatives, including Make in India and the production-linked incentives (PLI) scheme, which aim to support the manufacturing sector and enhance export competitiveness.

The government has aptly identified capital expenditure as a catalyst to support the economic recovery, post the pandemic. The Centre has budgeted for a strong capex of 10 lakh crore in FY24, 37% higher than the revised estimate for FY23. The Centres capex (adjusted for defense capex) to GDP ratio is budgeted to rise to 2.7% in FY24 from 2.1% in FY23 and 1.1% in the pre-pandemic period of FY19.

The Central Government capex, with a strong multiplier effect of around 2.5 (RBI 2020), is expected to further pull in private investment over a longer period.

Trend in Centres Capital Expenditure

Table 1: Centres Capex Growth in Key Infrastructure Sectors

% Share in Total Caped (Excluding Defence) CAGR (FY15-19) % CAGR (FY20-24) %
Road Transport & Highways 36.17 42.14 39.46
Railways 27.90 15.08 37.14
Telecommunications 6.53 22.50 88.09
Housing & Urban Affairs 4.15 20.86 7.72
Energy* 2.32 -0.32 49.43
Ports, Shipping & Waterways 0.12 -11.49 42.53
Civil Avaiation 0.02 -9.07 41.92

Source: CMIE & CareEdge Ratings; *Energy includes power, petroleum & natural gas, atomic energy, new & renewable energy; Note: % share pertains to FY23 (RE)

In the Union Budget 2023-24, Important initiatives/ schemes: Infrastructure Sector:

1. Infrastructure Finance Secretariat is being established to enhance opportunities for private investment in infrastructure that will assist all stakeholders for more private investment in infrastructure, including railways, roads, urban infrastructure, and power.

2. A national financial information registry will be set up to serve as the central repository of financial and ancillary information. This will facilitate efficient flow of credit, promote financial inclusion, and foster financial stability. A new legislative framework will govern this credit public infrastructure.

3. The Government has decided to continue the 50-year interest free loan to state governments for one more year to spur investment in infrastructure and to incentivize them for complementary policy actions, with a significantly enhanced outlay of 1.3 lakh crore.

4. An Urban Infrastructure Development Fund (UIDF) will be established through use of priority sector lending shortfall, which will be managed by the National Housing Bank, and will be used by public agencies to create urban infrastructure in Tier 2 and Tier 3 cities.

5. 100 critical transport infrastructure projects, for last mile connectivity for ports, coal, steel, fertilizer, and food grains sectors have been identified and will be taken up on priority with investment of 75,000 crore, including 15,000 crore from private sources.

6. Capital outlay for Road Transport and Highways increased to 2.59 lakh crore in F.Y 24.

7. The outlay for Railways has been increased by 51% to 2.4 lakh crore in FY24.

8. The outlay for Pradhan Mantri Awas Yojana (PMAY) has been enhanced by 66% to over 79,000 crore and the programme has been extended to December 31, 2024, to complete the houses sanctioned till March 31, 2022.

9. 50 additional airports, heliports, water aerodromes and advance landing grounds will be revived for improving regional air connectivity.

10. The Inter-state transmission system for evacuation and grid integration of 13 GW renewable energy from Ladakh will be constructed with an investment of 20,700 crore including central support of 8,300 crore.

11. Allocation to the Revamped Distribution Sector Scheme (RDSS) enhanced to 12,000 crore. Further, a leeway of 0.5% of the fiscal deficit of GSDP will be tied to power sector reforms, as an extension from last year.

12. The National Green Hydrogen Mission, which was launched recently, with an outlay of 19,700 crores, will facilitate transition of the economy to low carbon intensity, reduce dependence on fossil fuel imports, and make the country assume technology and market leadership in this sunrise sector.

S.No. Description Important Budget Outlays for FY2024 ( Cr)
1 Railways 2,40,000
2 NHAI 1,62,207
3 Road Works 1,07,713
4 Affordable Housing 79,590
5 JJM (Rural) 70,000
6 National Education Mission 38,953
7 National Health Mission 36,785
8 Metro Rail 19,518
9 AMRUT & Smart Cities 16,000
10 RDSS 12,072
11 PMKSY 10,787
12 Swachh Bharat (Gramin) 7,192
13 Swachh Bharat Mission 5,000

Source: Budget at a Glance 2023-24, Ministry of Finance, GoI

Source: Budget at a Glance 2023-24, Ministry of Finance, GoI

Role of State Governments

State governments play a crucial role in driving infrastructure growth in Indias economy. Their capital expenditure (capex) has a significant multiplier effect of 2 (RBI 2020) and holds immense importance in the nations economic development. A substantial portion of state governments capex is directed towards infrastructure sectors such as energy, transport, communication, and logistics.

While the allocation of state governments capital spending (in 19 large states) as a percentage of State Gross Domestic Product (SGDP) increased to around 2.6% in FY23 (revised estimate) from 2.3% in FY19., the actual capex for FY23 may end up being lower than anticipated. The states have faced challenges in maintaining their capex due to mounting revenue uncertainties and other fiscal commitments. However, to complement the efforts of the central government in promoting infrastructure development, state governments need to prioritise capital expenditure.

By prioritizing capex and actively investing in infrastructure projects, state governments can contribute significantly to Indias overall infrastructure growth. Their role becomes even more crucial in leveraging resources, implementing regional development plans, and addressing the specific infrastructure needs of their respective states. Cooperation between the central and state governments is vital for achieving the desired infrastructure targets and fostering sustainable economic development across the country.

Outlook - Opportunities and Challenges

Looking ahead, Indias infrastructure sector presents significant opportunities for growth. As India strives to become a USD 25-30 trillion economy by 2047, it will require an additional investment of USD 18-20 trillion in infrastructure over the next 25 years. Currently, a majority of infrastructure financing comes from the government and the public sector, but due to limited financial flexibility, there is a need to encourage private investment to bridge the infrastructure investment gap. Creating an enabling environment for the private sector through appropriate policy frameworks and financial sector reforms is essential. The Public-Private Partnerships (PPP) model, along with financial instruments like Viability Gap Funding (VGF) and Special Purpose Vehicles (SPVs), as well as the introduction of Infrastructure Investment Trusts (InvITs), provide avenues for private sector participation. The National Monetization Pipeline (NMP), which aims to monetize underutilized brownfield infrastructure projects, will further boost private sector involvement. Reforms in the corporate and municipal bond markets, attracting foreign investment, and improving long-term financing options will also support the infrastructure sector.

In recent times, there has been a global shift towards sustainable investments that consider Environmental, Social, and Governance (ESG) aspects. Corporations, investors, and financial institutions are increasingly focused on sustainable growth. Therefore, it is crucial for infrastructure development in India to prioritize sustainable, equitable, and green growth. However, there are challenges to address. Private players may hesitate to participate in infrastructure projects due to the substantial upfront expenditure and long gestation periods involved. To overcome this deterrent, the government needs to continue creating a favorable environment for private sector involvement. It should implement suitable policy frameworks, undertake financial sector reforms, and explore innovative funding mechanisms. By strengthening the ESG framework, ensuring sustainable practices, and promoting green infrastructure, India can attract sustainable investments from various stakeholders, including sovereign wealth funds, pension funds, private equity players, and other financial investors. Embracing sustainable development will not only enhance the long-term viability of infrastructure projects but also contribute to Indias environmental and social goals.


a) Revenue from Operations: The Group reported Revenue from Operations of 15553.41 crores during the year 2022-23 as against 11137.96 crores in the previous year, resulting in an increase of 40%.

b) EBIDTA: The Group reported an EBIDTA of 1458.99 crores as against 1023.80 crores in the previous year. The increase is primarily on account of increase in Turnover during the year. There is an increase in EBIDTA margin from 9.19% to 9.38%.

c) Net profit: The Group reported Net Profit attributable to Shareholders of the Company of 609.20 crores as against 482.41 crores in the previous year resulting in a growth of 26%. The Increase is mainly due to increase in volume of operations.


a. Revenue from Operations: The Company has reported a Revenue from Operations of 13351.32 crores during the year 2022-23 as against 9930.03 crores in the previous year, resulting an increase of 34%.

b. Other Income: Other income comprises of Interest on loans & advances, Interest on Bank Margin Money deposits, interest on income tax refund, Profit on Sale of Property, Plant and Equipment, Investment Property (net) and miscellaneous income. The other income of the company for the year is 152.25 crores as against 108.21 crores of previous year. The increase is mainly on account of sale of investment property.

c. Direct cost: The direct cost for the year under review works out to 83.75% of the turnover as against 83.31% last year. The increase is primarily on account of an increase in input costs and on account of changes in the mix of various divisions.

d. Overheads: Overheads comprising salaries and administrative expenses, is 827.19 crores for the year under review as against 661.70 crores in the previous year. The increase of 25% in absolute terms amounts to 165.49 crores over the previous year, is mainly due to increase in volume of operations. However there is a decline as a percentage of Turnover from 6.66% to 6.20%.

e. Finance cost: The Finance cost during the year is increased to 510.00 crores from 459.60 crores of previous year. The increase is mainly on account of increase in utilization BGs & LCs in line with increase in volume of operations.

f. Depreciation: The Companys depreciation for the year has increased from 182.34 crores to 199.81 crores.

g. Tax Expense: The tax expense of the company for the year 2022-23 is 215.75 crores as against 117.90 crores of previous year. The Increase is mainly due to increase in volume of operations.

h. EBIDTA: The Company has reported an EBIDTA of 1342.52 crores as against 996.11 crores in the previous year. The increase is primarily on account of increase in Turnover during the year. EBIDTA margin reported at 10.06% as against 10.03% of the previous year.

i. Net profit: The Company has reported a Net Profit of 569.21 crores as against 490.12 crores in the previous year, an increase of 65% after excluding an exceptional item of 145.64 crores in the previous year. The Increase is mainly due to increase in volume of operations. The Net Profit reported 4.26% against 3.47% of Privious Year (after excluding exceptional item).

j. Total Comprehensive Income: The Company has reported a total Comprehensive Income of 564.65 crores as against 487.30 crores in the previous year.

k. Dividend: The Board of Directors have recommended a dividend of 2.20/- per share (110%) for the year under review and the dividend works out to 138.13 crores as against 125.57 crores in the previous year.

l. Return on Equity: The Company has reported return on equity at 9.39% for the year under review as against 8.78% reported in the year 2021-22. The increase is primarily on account of increase in volume of operations.

Equity & Liabilities:

a. Net worth: The Companys net worth increased from 5803.17 crores to 6321.90 crores. The increase of 518.73 crores is primarily on account of internal generation of profits and partly on account of proceeds from Issue of Shares (pursuant to conversion of share warrants).

b. Borrowings (Long-Term & Short-Term): During the year under review the borrowings decreased by 204.51 crores from 1184.08 crores to 979.57 crores.

Assets: a. Property, Plant & Equipment (PPE): The Companys PPE (gross block plus Capital WIP) increased by 238.70 crores (net) in 2022-23 from 2266.97 crores to 2505.67 crores. The increase in PPE is mainly for new metro projects and other building projects.

b. Investments: The investments decreased by 19.97 crores, from 894.49 crores to 874.52 crores during the year 2022-23. The decrease is primarily on account of receipts from one of the subsidiary Companies.

c. Inventories: The Companys inventories stands at 1077.84 crores as against of 787.78 crores of previous year.

d. Trade Receivables (Current & Non-Current): The Companys trade receivables increased by 452.92 crores in 2022-23 from 2492.22 crores to 2945.14 crores.

e. Loans (Current & Non-Current): Loans comprises of loans given to group companies and other corporates. Loans given to group companies & other corporates decreased from 407.81 crores to 371.66 crores during the year under review. Reduction is mainly on account of loan repayment by subsidiary Companies.

Cash Flow

During the year the Company reported Net cash inflows from operating activities of 873.13 crores as against 1295.98 crores, Net cash used in investing activities 132.38 crores as against 131.06 crores and Net cash used in financing activities 748.73 crores as against 1099.19 crores in the previous year.

Key Financial Ratios

Sl No Ratio FY 2022-23 FY 2021-22 % of Change Reasons for change in the ratio by more than 25%
i) Current Ratio 1.34 1.36 -2% -
ii) Debt-Equity Ratio 0.15 0.20 24% -
iii) Interest Coverage Ratio 5.44 4.84 12% -
iv) Inventory Turnover Ratio 14.31 15.11 -5% -
v) Trade Receivables Turnover Ratio 4.91 3.85 27% The increase is mainly on account of good collections from the client in F.Y 2022-23.
vi) Operating Profit Margin (%) 10.06% 10.03% 0% -
vi) Net profit ratio 4.26% 4.94% -14% -
viii) Return on Net Worth 9.39% 8.78% 7% -

III. Order Inflow and Order Book

During the year the Company received order inflow of 25895 crores as against 12158 crores received in previous year 2021-22. The group order book stands at 50244 crores as at the March 31, 2023 registering a growth of 28% over the previous year.


The Company has adequate system of Internal Controls to help Management review the effectiveness of the Financial and Operating Controls and assurance about adherence to Companys laid down Systems and Procedures. As per the provisions of the Companies Act, 2013, Internal Controls and documentation are in place for all activities. Both Internal Auditors and Statutory Auditors have verified the Internal Financial Controls (IFC) at entity level and operations level and satisfied about control design and operating effectiveness. The evaluation included documentation review, inquiry, inspection , testing and other procedures. The controls are reviewed at regular intervals to ensure that transactions are properly authorized, correctly reported and assets are safeguarded. The Audit Committee periodically reviews the findings and recommendations of the Auditors and takes corrective action as deemed necessary. The Company is undergoing a digital transformation to further strengthen the internal control mechanism to commensurate with the Companys growth.


The Company has an integrated and structured Enterprise Risk Management process to manage risks with ultimate objective of maximizing stakeholders value. The risk management system at the Company has the following key features:

• Risk Management Committee review

• Appropriate policies, procedures and limits

• Comprehensive and timely identification, measurement, mitigation, controlling, monitoring and reporting of risks

• Appropriate Management Information Systems (MIS) at the business level

• Comprehensive internal controls as required for business operations and governing laws and regulations Some of the key risks that the Company faces along with their mitigation strategies adopted are listed below:

Political Risks: The Company has operations in multiple locations in multiple states and is consequently subject to various geopolitical risks. Appropriate mitigation strategies are in place to address the same.

Competition Risks: There has been an increase in the number of operators in the niche segment that the Company functions in. However, the Companys competitive advantage is derived from experienced workforce, strong track record, technical expertise, financial strength, brand equity and regular engagement with Clients and representatives.

Operational Risks: To suit the project requirements, due care is exercised in the selection of sub-contractors, vendors, key technical and non-technical employees, insurance coverages, financial tie-ups, timely obtaining of Right of Way, designs and drawings etc. Identification of associated risks and initiation of mitigation measures are helping the Company to address the operational risks.

Market Risks: Securing orders is always a big challenge for Construction Companies and the same depends upon availability of orders in various States and various Departments. In order to mitigate the market risks and to ensure continuous order booking, the Company is operating multi-divisions such as Buildings & Housing, Transportation, Water, Railways, Electrical, Irrigation and Mining. The Company strategically participates in bids using its multi-divisional experiences.

Working Capital Risks: Project delays, cost overruns and consequent delays in receipt of payments from the Clients lead to an increase in working capital requirement. There is a process of close monitoring and follow-up with the Clients for the timely approvals and payments for better working capital management.

Contract & Claims: In the competitive environment, to address the foreseeable litigations and claims, the Company maintains a robust documentation and follow up mechanism with Clients, subcontractors and vendors to address the related claims, disputes etc. To mitigate the possible risks due to the differences and disputes with the Clients, sub-contractors and vendors, the Company has an exclusive Contracts & Claims Department.

Cyber security Risks: With increasing use of IT in business areas and as systems get interconnected, cyber security becomes an important challenge for the organization in order to protect its information and systems so as to maintain confidentiality, data integrity and to prevent loss of data. The Company has implemented a cyber-security framework to identify, detect and prevent such risks. The Company has been focusing on systematic communication of possible cyber risks and the remedial measures to be followed through awareness programs for all the employees concerned.

Human Resources

At NCC, the biggest asset is our employees. We have always aspired to be an organisation and a workplace committed to helping its people gain varied experiences, accomplish challenging assignments, learn continuously and build their careers while delivering for stakeholders. Our philosophy of building leaders from within continues to guide our actions towards identifying, developing, and nurturing talent. With greater emphasis on futuristic thinking, digital mindset and commitment to nation building, we have made significant shifts towards developing our people for the future. The Company provides an environment that helps individuals to showcase their talents and rewards performance and results. This challenging workplace has helped NCC attract, develop, and retain talent, and we have done this successfully for over four decades.

The total human capital base of the company as of 31st March 2023 stood at 20611 (employees and workers both permanent and non-permanent) consisting a mix of people from diverse backgrounds, educational qualifications and a wealth of experience from across the Industry.

Learning & Development

The L&D interventions at NCC are geared towards providing employees a platform for continuous learning opportunities, motivate people to seize learning opportunities, and focus on helping people identify and develop new and needed skills. L&D offers a variety of programs on personal effectiveness, digital capability, functional, technical, Environmental, Health, Safety and a wide range of Supervisory and leadership development programs. Our comprehensive learning model combining face-to-face, on-the- job-training, workshops, case studies, classroom sessions and online learning modules where employees are provided opportunities for self-learning through a digital interface, which hosts a variety of content. During the Financial Year 2022-23, a total of 135 training programs were organised at Various project sites, HO and external venues.

Employee Engagement:

We believe that our employees are partners in our progress. The structure of our working lives encourages innovation, knowledge sharing and collaboration for long-term success. Our core values: Openness and Trust; Integrity and Reliability; Teamwork and Collaboration; Commitment; Creativity are our guiding principle and defines our identity.

Our employees are encouraged to share ideas, work together, and understand that it is the collective strength of a team that makes us successful.

The well-being of the employees at all project locations is a central concern. NCC Limited has always focused on various employee engagement initiatives for the benefit of employees and their families.

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