NCC Ltd Management Discussions

Economy and Industry Structure GLOBAL ECONOMY

Global economic activity continues to soften due to the combined effects of tight monetary policies, restrictive financial conditions, and weak global trade growth. After a sharp slowdown in 2022 and another decline in 2023, global output growth is projected to edge down in 2024, marking the third consecutive year of deceleration. The recent conflict in the Middle East has heightened geopolitical risks and raised uncertainty in commodity markets, with potential adverse implications for global growth. This comes while the world economy is still coping with the lingering effects of the overlapping shocks of the past four years - the COVID-19 pandemic, the Russian Federations invasion of Ukraine, and the rise in inflation and subsequent sharp tightening of global monetary conditions.

Global growth is forecasted to slow to 2.4 percent in 2024. This deceleration reflects softening labour markets, reduced savings buffers, waning pent-up demand for services, the lagged effects of monetary tightening, and fiscal consolidation.

Advanced-economy growth is expected to bottom out at 1.2 percent in 2024 as growth in the United States slows, while euro area growth, which was feeble last year, picks up slightly as lower inflation boosts real wages.

Growth in Emerging Market and Developing Economies (EMDEs) is forecast to average 3.9 percent a year over 2024-25. Chinas growth is expected to be slow this year, as tepid consumer sentiment and a continued downturn in the property sector weigh on demand and activity. Excluding China, EMDE growth is set to firm from 3.2 percent in 2023 to 3.5 percent in 2024. This pickup reflects a rebound in trade and improving domestic demand in several large economies, as inflation continues to recede.

Weaker-than-projected growth in China could cause a sharper deceleration in global economic activity than expected. The slowdown in global potential growth could be exacerbated by further increases in trade restrictions and escalating fragmentation of trade and investment networks.

INDIAN ECONOMY

Indias growth is expected to remain strong, supported by macroeconomic and financial stability. The estimated growth for FY24 stands at 7.3 percent, with headline inflation moderated to 4.9 percent in March 2024. The fiscal deficit for 2024-25 is set at 5.1% of GDP, significantly below the revised 5.8% of GDP budgeted for 2023-24. However, the geopolitical disruption in the Middle East could add pressure on inflation.

Resilient service exports and lower oil import costs have resulted in lowering Indias current account deficit to 1 percent of GDP in the first half of FY24. This growth outlook is anchored primarily by the digital revolution, a facilitating regulatory environment supportive of entrepreneurship, measures targeted at the economic upliftment of the most vulnerable sections of society, developing niche and complex manufacturing sectors while building the supporting physical infrastructure, and efforts directed at diversifying its export basket and moving toward higher value-added products. Reforms undertaken over the last ten years by the Union government have formed the foundation of a resilient, partnership-based governance ecosystem and have restored the ability of the economy to grow healthily.

There are good reasons to believe that Indias economic and financial cycles have become longer and stronger. The Gross Fixed Capital Formation (GFCF) increased at a double-digit pace of 10.2 percent in 2023-24, driven by a revival in private capex and the continued thrust on capital expenditure by the government. The asset quality of Scheduled Commercial Banks (SCBs) improved during 2023-24 (up to December 2023), with the overall gross Non-Performing Assets (NPA) ratio declining to 3.0 percent in December 2023 from 4.5 percent a year ago. Asset quality improved across all major sectors.

Indian corporates have been deleveraging, as evidenced by the lowering of the gearing ratio (ratio of a companys debt to its net worth). Global evidence suggests that investment growth tends to slow down during deleveraging episodes and bounce back after the trough of a typical deleveraging episode. This bodes well for the broad-based investment cycle revival by Indian companies.

Consequently, India is poised for sustained brisk growth in the coming years. At the level of sub-national governments, reforms that would unleash the productive potential of Indias MSMEs with streamlined regulatory and compliance obligations and sensitive enforcement, ensure land availability at reasonable prices, and measures that would meet the energy needs of the growing economy will guarantee a further acceleration of economic growth. The Indian economy is expected to expand to $6.7 trillion by FY31 from $3.6 trillion in FY24 (Source: Crisil).

In conclusion, India has been showing both resilience and progress despite all risks and uncertainties in the global economic landscape. Through timely and effective policy actions aimed at achieving macro stability and repairing the balance sheets of financial and non-financial sectors, as well as by investing significantly in building world-class physical and digital public infrastructure, India has been able to withstand challenges, both domestic and global, and ensure that the economy continues to progress steadily. With the policy reforms that the government has already rolled out and which are on the anvil, there is significant optimism and confidence in the Indian economy and its prospects today. India embarks on her Amrit Kaal with confidence and the attitude that challenges to growth and inclusive development are stepping stones and not obstacles.

Industry Structure

The Indian infrastructure construction sector, like market structures in other countries, is characterized by numerous players ranging from large conglomerates to smaller regional and individual firms. According to industry estimates, the Indian construction market is highly fragmented, with the top ten players accounting for approximately 20% of the market share. Key players compete for projects across various segments, including roads and highways, buildings, electrical (T & D), transportation, urban infrastructure, water, railways, and mining. Industry players depending on their target markets have different pricing strategies, technical capabilities, project execution efficiency, and reputation. Our company differentiates itself through a multidimensional approach, focusing on quality, safety, innovation, and sustainability. By leveraging our extensive experience, skilled workforce, digitization initiatives, and robust project management capabilities, we consistently deliver value to clients and stakeholders, strengthening our competitive position in the market.

OPPORTUNITIES IN INDIAN INFRASTRUCTURE & CONSTRUCTION

Government Policy Support: The governments policy initiatives, including tax incentives, ease of doing business reforms, and sector-specific schemes, create a conducive environment for growth in the construction sector. The support for infrastructure financing, land acquisition reforms, and streamlined regulatory processes further enhance the sectors attractiveness for domestic and international investors.

Key Recent Policy Interventions by the Government:

• PM Gati shakti National Master Plan (NMP): Launched in 2021, the NMP consolidates infrastructure schemes under a digital platform, fostering streamlined planning and monitoring of projects. Currently, there are 15,580 projects worth $2388.93 billion at various stages of development, driving Indias infrastructural evolution.

• National Logistics Policy: With its Comprehensive Logistics Action Plan (CLAP), this policy aims at enhancing infrastructure efficiency and reducing costs across the logistics ecosystem, reinforcing Indias logistics capabilities.

• Public-Private Partnerships (PPPs): PPPs have been instrumental across various infrastructure domains, particularly in constructing airports, ports, highways, and logistics parks nationwide. Amidst support from both

central and state governments, India relies heavily on PPPs to achieve its $5 trillion economy goal by 2025.

Urbanization and Smart Cities: Indias urbanisation levels are estimated to improve to 50 per cent in 2047 from 34 per cent as of 2018. These transformed demographics will require development of a host of infrastructure facilities, thus increasing the demand for increase in coverage and quality of service delivery across the entire infrastructure spectrum. This includes residential and commercial real estate, public transport, water supply, sanitation, and waste management systems. The focus on building smart cities equipped with advanced digital infrastructure and sustainable solutions offers new avenues for growth and innovation in urban construction projects.

Infrastructure Development: The Government of India has significantly increased its focus on infrastructure development, as evidenced by the ambitious National Infrastructure Pipeline (NIP). This program aims to develop a comprehensive and integrated infrastructure network, which presents substantial opportunities for the construction sector. Increased budgetary allocation and public-private partnerships (PPPs) in various infrastructure segments will provide a steady stream of projects and investments, ensuring sustained growth for the sector.

The governments ambitious National Infrastructure Pipeline (NIP) program outlines the injection of massive capital, with planned investments of more than Rs. 145.6 lakh crore by FY2025, into various sub-sectors, including roads, energy, railways, and urban development. This will ensure robust growth for Indias infrastructure sector.

Sector-wise Revised Investment in the NIP:

S. No	Sector	Outlay (Rs lakh Cr)
1	Roads & Highways	31.6
2	Electricity Generation	20.1
3	Railways	19.8
4	Real Estate	17.9
5	Irrigation	12.5
6	Urban Pub Transport	7.9
7	Trans & Distribution	6.9
8	Water & Wastewater	6.2
9	Oil & Gas	4.1
10	Telecommunications	3.0
11	Healthcare	2.4
12	Energy Storage	2.2
13	Education	2.2
14	Aviation & Avi Infra	1.8
15	Shipping	1.2
16	Inland Waterways	1.1
17	Others	4.9
	Total	145.6

Source: India Investment Grid, Ministry of Commerce,

Government of India

Centers Expenditure Profile and Budgeted Capex Percentage

This unprecedented push in infrastructure is expected to spawn associated industries, create jobs, and stimulate the economy. Specific focus areas are the expansion of public digital infrastructure, clean and renewable energy projects, and establishing resilient urban infrastructure. This ambitious undertaking seeks to enhance Indias global competitiveness and improve the quality of life across its vast populace.

Further, the Government recently announced India-Middle East- Europe Economic Corridor, which is a strategic and economic game changer for India and other countries.

Interim Union Budget 2024-25: Infrastructure Sector (Important initiatives/ schemes):

The central government has increased capital investment outlay by 11.1 per cent (16.9 per cent on Revised Estimates of FY2023- 24) to Rs. 11.11 lakh crore in the interim budget for FY2024-25. This would be 3.4 per cent of the GDP. The budgeted capital investment along with the revenue grants for creating capital for the fiscal 2024-25 is 4.6 per cent of the GDP. When the Capex of PSUs is included, the total Capex goes up to 5.6 per cent of the GDP. (Source: Crisil Budget Analysis)

Source: Interim Budget2024-25 Analysis, CRISIL, Feb 2024

This higher capex will support growth, resulting the construction industry to maintain a healthy revenue growth momentum with a projected year on year growth of 12-15 per cent in the financial year 2025.

The outlays for major schemes of the government and by various agencies for FY2025 are given below: -

S.No.	Description	Budget Outlays ( Crore)
1	Railways	2,52,000
2	NHAI	1,68,464
3	Road Works	1,09,093
4	Affordable Housing	80,671
5	JJM (Rural)	70,163
6	National Health Mission	38,183
7	Metro Rail	21,336
8	RDSS	14,500
9	Construction Works (Defence)	12,017
10	PM Krishi Sinchai Yojna	11,391
11	AMRUT & Smart Cities	10,400
12	Solar power Grid	10,000
13	Swachh Bharat (Gramin)	7,192
14	Border Roads Dev Board	6,500
15	Swachh Bharat Mission	5,000

Source: Ministry of Finance, Government of India

Further, the Interim Union Budget 2024-25 made the following announcements: -

1. Three major economic railway corridor programmes will be implemented. These are:

a) energy, mineral and cement corridors,

b) port connectivity corridors, and

c) high traffic density corridors.

These projects have been identified under the PM Gati Shakti for enabling multi-modal connectivity. They will improve logistics efficiency and reduce cost.

2. Rooftop Solarization: Through the rooftop solarization, the Government will enable one crore households to obtain up to three hundred units free electricity every month. The outlay for solar grid has increased 110% to Rs. 10,000 crore.

3. Reforms in the States for ‘Viksit Bharat: Several growth and development enabling reforms are needed in the states for realizing the vision of Viksit Bharat. A provision of Rs. 75,000 crore as 50-year interest free loan is proposed this year to support those milestone-linked reforms by the State Governments.

4. Metro and NaMo Bharat: Metro Rail and NaMo Bharat to be the catalyst for the required urban transformation, due to fast-expanding middle class and rapid urbanization. Expansion of these systems will be supported in large cities focusing on transit-oriented development.

5. The Government plans to set up more medical colleges by utilizing the existing hospital infrastructure under various departments.

6. Comprehensive development of tourist centres: The diversity of India and our economic strength has made the country an attractive destination for business and conference tourism. Tourism, including spiritual tourism, has tremendous opportunities for local entrepreneurship. States will be encouraged to take up comprehensive development of iconic tourist centres, branding, and marketing them at global scale. Long-term interest free loans will be provided to States for financing such development on matching basis.

7. A corpus of Rs. one lakh crore will be established with 50- year interest free loan. The corpus will provide long-term financing or refinancing with long tenors and low or zero interest rates. This will encourage the private sector to scale up research and innovation significantly in sunrise domains.

8. Coal gasification and liquefaction capacity of 100 MT will be set up by 2030. This will also help in reducing imports of natural gas, methanol, and ammonia.

Role of State Governments

The State governments, while continuing with fiscal prudence which was budgeted to expand by 40.3 per cent in 2023-24 (BE), supported growth with a focus on capital expenditure. States capex was aided by the Scheme for Special Assistance to States for Capital Investment. This scheme has been extended for 2024-25 in the interim union budget, with 23.2 per cent higher allocations over 2023-24 (RE). The quality of states expenditure continued to improve, owing to sustained growth-inducing capex.

SEGMENT OVERVIEW Building

The buildings and factories segment encompasses the construction of residential, commercial, and industrial structures. The Indian real estate market is expected to reach a market size of USD 1 trillion by 2030, driven by urbanization, rising income levels, and increased demand for residential and commercial spaces. Government initiatives such as the Pradhan Mantri Awas Yojana (PMAY) aim to provide affordable housing for all, further boosting the construction sector.

Transportation

The transportation segment includes the development of airports, metros, roads, and urban transit systems. The National Highway Development Project (NHDP) spearheads the development of roads and highways, significantly impacting the infrastructure landscape. The Bharatmala Pariyojana aims to develop 34,800 km of National Highways over six phases, with an investment of I NR 10,63,350 crore by 2027-2028, signalling significant advancements in transportation infrastructure. This initiative will drive connectivity, reduce travel time, and promote economic growth. The Indian government has also announced plans to monetize highways to attract private investment and ensure the efficient management of road assets.

Water & Environment

The water sector includes the development of water supply, treatment, and sanitation infrastructure. The governments Jal Jeevan Mission aims to provide safe and adequate drinking water to all rural households by 2025. Investments in water management infrastructure are essential for ensuring water security and supporting agricultural growth.

Electrical (T&D)

The Indian power sector is undergoing a transformation, with a focus on renewable energy and modernization of the transmission and distribution (T&D) infrastructure. Investments in smart grid technologies, smart meters, grid expansion, and modernization are critical to meeting the growing energy demands and ensuring reliable power supply.

Railways

The Indian Railways is undergoing a transformation, with a focus on modernization, capacity expansion, and safety improvements. The Dedicated Freight Corridors (DFC) project aims to create a network of high-capacity freight corridors, reducing transportation costs and boosting economic growth. The planed new high-speed/semi high-speed rail corridors, like the Mumbai-Ahmedabad corridor, will enhance connectivity and promote regional development.

Mining

The mining sector plays a crucial role in supporting industrial growth and infrastructure development. The governments focus on self-reliance and reducing import dependence has led to increased investments in mining projects. The National Mineral Policy aims to promote sustainable mining practices, enhance mineral exploration, and boost the development of mineral-rich regions.

Irrigation

The Irrigation Division has been instrumental in developing sustainable and efficient water management solutions, ensuring agricultural productivity and rural development. This division is dedicated to designing, constructing, and maintaining irrigation infrastructure that supports farmers and enhances water use efficiency across various regions. Through innovative techniques and a commitment to excellence, it strives to address the challenges of water scarcity and ensure the availability of water resources for agricultural and domestic use.

Outlook

The infrastructure sector in India is poised to grow significantly, as the Governments economic growth strategy rests on infrastructure buildout. The Government plans to reduce the logistics cost incurred by India to 10 per cent from the estimated 14 per cent of its GDP. There are huge inefficiencies in the logistics chain owing to which there are several negative consequences such as sub-optimal use of logistics assets, inefficient fuel consumption, environmental pollution, and loss of economic growth opportunities.

India has been aspiring to grow its manufacturing sector to account for 25 per cent of the economy from the current level

of 15 per cent. To achieve this, the Government of India has launched Production Linked Incentive (PLI) scheme. This would give a boost to the manufacturing sector as well as the supporting infrastructure sector.

The government, keeping in mind the impact of climate change, will give special focus on green growth as per the Panchamrit Policy. It plans to increase the non-fossil energy capacity to 500 GW by 2030, meeting 50 per cent of its energy requirements from renewable energy.

The government is already implementing various programs for green fuel, green energy, green farming, green mobility, green buildings, and green equipment, and policies for efficient use of energy across various economic sectors. Similarly, it is also focussing on critical and emerging technologies like blockchain, Artificial Intelligence (AI), Internet of Things (IoT) etc.

Operational and Financial Performance - Consolidated

a) Revenue from Operations: The Group reported a Revenue from Operations of Rs. 20844.96 crores during the year 2023-24 as against Rs. 15553.41 crores in the previous year, resulting in an increase of 34%.

b) EBIDTA: The Group reported an EBIDTA of Rs. 1768.88 crores as against Rs. 1458.99 crores in the previous year. The increase is primarily on account of increase in Turnover during the year. There is a decrease in EBIDTA margin from 9.38% to 8.49% during the year 2023-24. The decrease is mainly due to the negative impact of arbitration award materialized in parent company from one of its customer in the year under review.

c) Net profit: The Group reported a Net Profit attributable to Shareholders of the Company of Rs. 710.69 crores as against Rs. 609.20 crores in the previous year and reported a growth of 17%. The Increase is mainly due to increase in volume of operations.

Operational and Financial Performance - Standalone

a. Revenue from Operations: The Company has reported a Revenue from Operations of Rs. 18314.41 crores during the year 2023-24 as against Rs. 13351.32 crores in the previous year, resulting in an increase of 37%.

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 Rs. 124.10 crores as against Rs. 152.25 crores of the previous year.

c. Direct cost: The direct cost for the year under review works out to 85.86% of the turnover as against 83.75%

last year. The increase partly on account of change in the mix of turnover reported by various Divisions and partly on account of negative impact of arbitration award settled in the year under review.

d. Overheads: Overheads comprising salaries and

administrative expenses, is Rs. 941.85 crores for the year under review as against Rs. 827.19 crores in the previous year. The increase of 14%, in absolute terms amounts to Rs. 114.66 crores over the previous year, is mainly due to increase in volume of operations. There is a decline as a percentage of Turnover from 6.20% to 5.14% in overheads cost.

e. Finance cost: The Finance cost during the year has increased to Rs. 595.11 crores from Rs. 510.00 crores of previous year. The increase is mainly on account of increase in utilization BGs & LCs in line with increase in volume of operations. However, in terms of percentage there is a decline in finance cost from 3.82% to 3.25%.

f. Depreciation: The Companys depreciation for the year has increased from Rs. 199.81 crores to Rs. 209.21 crores.

g. Tax Expense: The tax expense of the company for the year 2023-24 is Rs. 279.87 crores as against Rs. 215.75 crores of previous year. The Increase is mainly due to increase in volume of operations and partly recognition of prior years taxes during the year 2023-24.

h. EBITDA: The Company has reported an EBITDA of Rs. 1648.12 crores as against 1342.52 crores in the previous year. The increase is primarily on account of increase in Turnover during the year. EBITDA margin reported at 9.00% as against 10.06% of the previous year. The decrease in EBITDA margin is due to negative impact of Rs. 199.39 crores in settlement of arbitration award.

i. Net profit: The Company has reported a Net Profit of Rs. 631.48 crores as against Rs. 569.21 crores in the previous year and reported a growth of 11%. The Increase is mainly due to increase in volume of operations.

j. Total Comprehensive Income: The Company has reported a total Comprehensive Income of Rs. 628.94 crores as against Rs. 564.65 crores in the previous year.

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

l. Return on Equity: The Company has reported return on equity at 9.62% for the year under review as against 9.39% reported in the year 2022-23. The increase is primarily on account of increase in volume of operations.

Equity & Liabilities:

a. Net worth: The Companys net worth increased from Rs. 6321.90 crores to Rs. 6812.69 crores. The increase of Rs. 490.79 crores is primarily on account of internal generation of profits.

b. Borrowings (Long-Term & Short-Term): During the year under review the borrowings increased by Rs. 25.46 crores from Rs. 979.57 crores to Rs. 1005.03 crores.

Assets:

a. Property, Plant & Equipment (PPE): The Companys PPE (gross block plus Capital WIP) increased by Rs. 167.33 crores (net) in 2023-24 from Rs. 2505.67 crores to Rs. 2673.00 crores. The increase in PPE is mainly for new projects received during the year 2023-24.

b. Investments: The investments increased by Rs. 158.83 crores, from Rs. 874.52 crores to Rs. 1033.35 crores during the year 2023-24. The increase is primarily on account of purchase of stake in one of the subsidiary Companies.

c. Inventories: The Companys inventories stands at Rs. 1433.78 crores as against Rs. 1077.84 crores of previous year.

d. Trade Receivables (Current & Non-Current): The

Companys trade receivables decreased by Rs. 154.08 crores in 2023-24 from Rs. 2945.14 crores to Rs. 2791.06 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 Rs. 371.66 crores to Rs. 368.75 crores during the year under review.

Cash Flow

During the year the Company reported Net cash inflows from operating activities of Rs. 1299.40 crores as against Rs. 873.13 crores, Net cash used in investing activities Rs. 332.51 crores as against Rs. 132.38 crores and Net cash used in financing activities Rs. 705.80 crores as against Rs. 748.73 crores in the previous year.

Key Financial Ratios

S. No	Ratio	FY 2023-24	FY 2022-23	% of change	Reasons for change in the ratio by more than 25%
i)	Current Ratio	1.31	1.34	-2%	-
ii)	Debt-Equity Ratio	0.15	0.15	5%	-
iii)	Interest Coverage Ratio	6.59	5.44	21%	-
iv)	Inventory Turnover Ratio	14.58	14.31	2%	-
v)	Trade Receivables Turnover Ratio	6.39	4.91	30%	The increase mainly on account of good collections from the client in FY 2023-24.
vi)	Operating Profit Margin (%)	9.00%	10.06%	-11%	-
vii)	Net profit ratio	3.45%	4.26%	-19%	-
viii)	Return on Net Worth	9.62%	9.39%	2%	-

Order Inflow and Order Book

HUMAN RESOURCES

During the year the Company received orders of Rs. 27283 crores as against Rs. 25895 crores received in the previous year 2022-23. The group order book stands at Rs. 57536 crores as at the end of the year registering a growth of 15% over the previous year.

INTERNAL CONTROL SYSTEM

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 be commensurate with the Companys growth.

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 31^st March 2024 stood at 25794 (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. 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 2023-24, a total of 127 training programs were organized 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 principles and define 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.