Shares of NCC rose 3% to Rs 126.45 on the BSE in intraday trade on Friday after the company said it received new orders totalling Rs 2,088 crore (excluding GST) in May 2023.

Shares of the civil construction company touched a 52-week high of Rs 126.85 on May 3, 2023. The stock has soared 36% so far in 2023, compared with a 2.1% gain for the S&P BSE Sensex.

Of the total order book of Rs 2,088 crore, the company’s construction arm has signed order agreements worth Rs 1,668 crore and water sector orders worth Rs 420 crore, NCC said in a bourse filing. The company said the orders were received from state government agencies and included no internal orders.

NCC also received 6 new orders worth Rs 3,344 crore (excluding GST) in early April 2023. At the end of FY23, NCC’s order book stood at Rs 50,244 crore (3.8x TTM book-to-bill ratio). The current order book provides strong visibility, which should drive revenue CAGR of around 18% in FY23-25, accompanied by improved margins.

Meanwhile, NCC’s EBITDA rose 59% to Rs 4.24 crore in the January-March quarter (Q4FY23), with the EBITDA margin growing from 8.52% to 10.55%, mainly due to higher input costs and receipt of a claim of Rs 410 crore from one of the BOT SPV.

HDFC Securities maintained a “buy” call on NCC with a raised target price of Rs 137.