NCC Limited — Interim / Quarterly Report 2019

Nov 5, 2019

o

Ref : NCCL/UAFR/Sep-19/Reg 30&33/2019

November 5.2019

The Secretary National Stock Exchange of lndia Ltd 5'n Floor, Exchange Plaza, Bandra - Kurla Complex, Bandra (E), MUMBAI - 500 051. Fax No. 022-26598237 I 38

The Secretary Bombay Stock Exchange Ltd, 1't Floor, New Trading Ring Rotunda Building, P J Towers Dalal Street, Fort MUMBAT-400001. Fax'. 022-22722037139

Dear Sir(s)

Sub: lntimation under Regulations 30 & 33 of the Securities and Exchange Board of lndia (Listing Obligations and Disclosure Requirements) Regulations,2015, as amended regarding the outcome of Board Meeting held on 5th November,2OLg.

Ref : Scrip Code- BSE-500294 & NSE- NCC

ln compliance with Regulation 33 & 30 of the SEBI (Listing Obligations and Disclosure Requirements), Regulations, 2015, we are enclosing herewith the Un-Audited Financial Results for the Second Quarter and Half Year ended 30th September,2olg (standalone & consolidated) which have been reviewed by the Audit Committee and approved by the Board at its meeting held today i.e., Sth November,2019 and also the Limited Review Report furnished by the Statutory Auditors of the Company. We are also fomrarding herewith the press release being issued in this connection. The meeting of the Board of Directors of the Company commenced at '12.00 Noon and concluded at 2.15 p.m

We would request you to please take on record the above and host the same on your website for dissemination to the public.

Kindly acknowledge the receipt.

Thanking you,

Yours faithfully

I

rn

For NCC LIMITED.

5:-l t -2-o\ ^MV Srinivasa Murthy ) Company Secretary & EVP (L) Encl . As above

NCC NCC Limited CIN: L72200TG1990PLC011146 Registered Office: NCC HOUSE, Madhapur, Hyderabad-500 081, Tel: 040-23268888, Fax: 040-23125555, email: ncc.ho@nccltd.in Website: www.ncclimited.com STATEMENT OF UNAUDITED STANDALONE ASSETS AND LIABILITIES STATEMENT OF UNAUDITED STANDALONE FINANCIAL RESULTS FOR THE QUARTER AND HALF YEAR ENDED 30TH SEPTEMBER, 2019 (そin Crores) (₹ in Crores) 31.03.19 30.09.19 Half year ended Quarter ended Year ended Audited Unaudited 31.03.19 30.09.19 30.06.19 30.09.18 30.09.19 30.09.18 A ASSETS Unaudited Unaudited Audited Unaudited Unaudited Unaudited 1 Non - current assets Income 1108.60 1087.30 a) Revenue from Operations 2187.68 5464.41 12079.76 Property, plant and equipment 1732.00 3104.81 3919.68 13.16 24.34 b) Other Income 70.32 25.02 33.07 95.34 62.61 118.25 Capital work in progress 131.98 140.10 Total Income 3137.88 4015.02 5527.02 1802.32 2212.70 12198.01 Investment property 68.10 68.10 Investment property under construction Expenses $\mathbf{2}$ 1.07 0.87 a) Cost of materials consumed Other intangible Assets 2226.30 4763.59 588.99 763.92 1326.85 1352.91 b) Construction expenses 921.31 Financial assets 190.39 221.80 216.47 412.19 400.15 10.54 10.54 c) Sub- Contractor work bills 553.23 753.12 1019.42 1865.91 4245.59 a) Investments in Associates 1306.35 908.73 904.40 d) Employee benefits expense 115.27 107.78 439.32 b) Other Investments 112.34 227.61 205.17 321.05 323.85 e) Finance costs 125.85 256.60 209.72 451.26 c) Loans 130.75 108.16 104.59 99.03 f) Depreciation and amortisation expenses 44.88 43.70 35.72 88.58 70.05 149.37 d) Trade Receivables 158.15 125.91 g) Other expenses e) Other financial assets 69.91 69.20 286.95 51.10 121.01 134.03 172.64 185.82 Total Expenses 11257.39 Deferred tax assets (Net) 1674.61 2090.64 2883.60 3765.25 5111.33 36.10 Profit from operations before exceptional items and tax (1-2) 249.77 415.69 25.34 127.71 122.06 254.28 940.62 Non Current tax assets (Net) 224.86 230.93 Exceptional Items (net) (47.50) (47.50) (58.93) Other non current assets (16.50) (16.50) 4 3259.57 3226.53 Profit /(Loss) before tax (3+4) 111.21 122.06 233.27 368.19 881.69 Total non - current assets 206.78 5 Tax expense 6 Current assets 512.94 486.67 a) Current tax 308.73 37.32 46.74 81.55 84.06 147.09 Inventories b) Deferred tax (6.15) (8.22) Financial assets (6.00) (0.42) (12.15) 9.05 3049.57 2912.79 Total tax expense 31.17 40.74 81.13 71.91 138.87 317.78 a) Trade receivables 196.05 27.49 Net Profit / (Loss) after tax (5-6) 125.65 229.32 563.91 b) Cash and cash equivalents 80.04 81.32 161.36 102.91 131.03 Other comprehensive income / (loss) c) Bank balances other than above 8 244.12 175.48 Items that will not be reclassified to profit or loss d) Loans 175.96 110.11 a) Remeasurements of the defined benefit plans e) Other financial assets (1.58) (7.76) (1.48) (1.48) (0.83) (2.96) 52.94 21.08 b) Income tax relating to items that will not be reclassified to profit or loss 0.51 0.29 0.55 0.52 1.03 2.72 Current tax assets (Net) 5596.53 5788.68 Items that may be reclassified to profit or loss Other current assets 9862.38 9721.97 a) Exchange differences on translation of foreign operations Total Current assets 0.16 0.07 0.38 0.23 0.83 0.73 36.65 b) Income tax relating to items that may be reclassified to profit or loss Assets classified as held for sale (0.13) (0.29) 12948.50 13158.60 (0.89) (0.29) (1.70) (0.49) (4.31) Total Other comprehensive income / (loss) (0.81) Total assets Total comprehensive income (7+8) 125.36 B EQUITY AND LIABILITIES 79.23 80.43 159.66 228.83 559.60 9 10 Paid up Equity Share Capital (Face Value ₹ 2/- per Share) 120.13 120.13 120.13 120.13 120.13 120.13 Equity 120.13 120.13 Other Equity (excluding Revaluation Reserves) as shown in the Audited 4636.65 Equity share capital 11 4687.68 4636.65 Balance Sheet of the previous year Other equity 4756.78 4807.81 Earnings Per Share (of ₹ 2/- each) for the period (not annualised) 12 Total Equity Basic and Diluted Liabilities 3.82 9.39 1.34 1.35 2.09 2.69 Notes: Non-current liabilities The above results have been reviewed by the Audit Committee and approved by the Board of Directors of the Company in their respective meetings held on Financial liabilities 1 November 5, 2019. 319.97 247.62 a) Borrowings 2 The statutory Auditors have carried out limited review of the Unaudited Standalone financial results for the quarter and Half year ended September 30, 2019. 107.93 107.93 b) Trade Payables The exceptional item for the quarter and half year ended September 30, 2019, represents provision made for impairment of investment of $\bar{\tau}$ 16.50 Crores. 21.79 3 28.72 Provisions 384.27 449.69 Other income for the quarter and half year ended September 30, 2019 includes a profit on sale of land of ₹44.25 Crores. Total non-current liabilities $\overline{a}$ The Company has adopted Ind AS 116" Lease" effective April 1,2019 and the impact of the same is insignificant. 5 Current liabilities Financial liabilities a) Borrowings 1763.05 1416.31 b) Trade payables: 13.02 Dues to micro & small enterprises 25.83 4371.37 3605.90 Dues other than micro & small enterprises 289.86 342.00 c) Other financial liabilities 39.89 46.14 Provisions 62.88 By order of the Board 62.92 Current tax liabilities (net) 1910.58 1758.80 for NCC Limited Other current liabilities ACCOUNTANTS 7952.13 7756.42 Total current liabilities NCC ARTERT 8401.82 8140.69 A.A.V.RANGARAJU Total liabilities 13158.60 12948.50 Place: Hyderabad Managing Director Total equity and liabilities DERAB
		Date: 05.11.2019

.

					NCC Limited CIN: L72200TG1990PLC011146
	STATEMENT OF UNAUDITED CONSOLIDATED FINANCIAL RESULTS FOR THE QUARTER AND HALF YEAR ENDED 30TH SEPTEMBER, 2019							Registered Office: NCC HOUSE, Madhapur, Hyderabad-500 081, Tel: 040-23268888, Fax: 040-23125555, email: ncc.ho@nccltd.in Website: www.ncclimited.com STATEMENT OF UNAUDITED CONSOLIDATED ASSETS AND LIABILITIES
							(₹ in Crores)			(₹ in Crores)
		30.09.19	Quarter ended 30.06.19	30.09.18	30.09.19	Half year ended 30.09.18	Year ended 31.03.19		30.09.19 Unaudited	31.03.19 Audited
		Unaudited	Unaudited	Unaudited	Unaudited	Unaudited	Audited	A ASSETS
1	Income a) Revenue from Operations							Non - current assets	1239.95	1291.15
	b) Other Income	1938.28 59.97	2346.98 24.53	3242.76 19.17	4285.26 84.50	5755.89 36.85	12895.64 124.33	Property, plant and equipment Capital work in progress	24.68	13.49
	Total Income	1998.25	2371.51	3261.93	4369.76	5792.74	13019.97	Investment property	197.82	189.79
$\mathbf{2}$	Expenses							Investment property under construction	68.10	68.10
	a) Cost of materials consumed	612.58	787.60	1347.38	1400.18	2284.76	4875.10	Good will	0.63	0.63
	b) Changes in inventories of work in progress	20.28	13.38	5.74	33.66	0.66	155.23	Other intangible assets	0.87	1.07
	c) Construction expenses	203.01	239.42	218.77	442.43	424.10	962.71	Financial assets
	d) Sub- Contractor work bills	660.81	827.86	1073.00	1488.67	1961.22	4510.07	a) Investments in Associates	126.59	132.31
	e) Employee benefits expense f) Finance costs	126.32	123.42	121.21	249.74	235.44	495.16	b) Other Investments	246.06	246.06 13.51
	g) Depreciation and amortisation expenses	140.62 51.75	136.80 51.24	125.67 47.71	277.42 102.99	245.51 93.53	521.95 192.53	c) Loans d) Trade Receivables	99.03	104.59
	h) Other expenses	57.15	75.94	75.80	133.09	140.26	298.20	e) Other financial assets	279.14	326.64
	Total Expenses	1872.52	2255.66	3015.28	4128.18	5385.48	12010.95	Deferred tax assets (Net)	195.29	181.68
-3	Profit from operations before exceptional items and tax (1-2)	125.73	115.85	246.65	241.58	407.26	1009.02	Non Current tax assets (Net)	26.14	36.74
	Exceptional Items (net)	(13.91)		(40.00)	(13.91)	(40.00)	(107.82)	Other non current assets	468.93	464.83
5	Share of (Loss) of Associates	(2.01)	(2.20)	(1.62)	(4.21)	(3.38)	(6.86)	Total non - current assets	2973.23	3070.59
	Profit /(Loss) before tax (3+4+5) Tax expense	109.81	113.65	205.03	223.46	363.88	894.34	Current assets		1425.41
	a) Current tax	37.80	47.18	81.90	84.98	147.60	315.07	Inventories Financial assets	1360.07
	b) Deferred tax	(6.77)	(5.80)	0.58	(12.57)	(8.43)	11.70	a) Other Investments	105.93	97.12
	Total tax expense	31.03	41.38	82.48	72.41	139.17	326.77	b) Trade receivables	3164.55	3428.68
	Net Profit / (Loss) after tax (6-7)	78.78	72.27	122.55	151.05	224.71	567.57	c) Cash and cash equivalents	41.55	219.43
	Attributable to:							d) Bank balances other than above	170.48	142.28
	Shareholders of the Company	82.18	74.70	122.51	156.88	225.23	578.69	e) Loans	47.26	80.31
9	Non-Controlling interests Other comprehensive income / (loss)	(3.40)	(2.43)	0.04	(5.83)	(0.52)	(11.12)	f) Other financial assets	161.61	247.22 58.53
	Items that will not be reclassified to profit or loss							Current tax assets (Net) Other current assets	25.76 6007.64	5818.10
	a) Remeasurements of the defined benefit plans	(1.48)	(1.48)	(0.83)	(2.96)	(1.58)	(7.93)	Total Current assets	11084.85	11517.08
	b) Share of other comprehensive income in Associates						0.03	Assets classified as held for sale		72.70
	c) Income tax relating to items that will not be reclassified to profit or loss	0.51	0.52	0.29	1.03	0.55	2.76	Total assets	14058.08	14660.37
	Items that may be reclassified to profit or loss							B EQUITY AND LIABILITIES
	a) Exchange differences on translation of foreign operations	1.71	(0.01)	1.12	1.70	15.12	(2.34)	Equity
	b) Income tax relating to items that may be reclassified to profit or loss Total Other comprehensive income / (loss)	0.74		(0.13)		(0.29)		Equity share capital	120.13 4523.82	120.13 4475.24
10			(0.97)	0.45	(0.23)	13.80	(7.48)	Other equity
	Total comprehensive income ( 8+9) Attributable to:	79.52	71.30	123.00	150.82	238.51	560.09	Equity attributable to shareholders of the company	4643.95	4595.37
	Shareholders of the Company	82.92	73.73	122.96	156.65	239.03	571.24	Non-Controlling Interests Total Equity	269.47 4913.42	277.10 4872.47
	Non-Controlling interests	(3.40)	(2.43)	0.04	(5.83)	(0.52)	(11.15)	Liabilities
11	Paid up Equity Share Capital (Face Value ₹ 2/- per Share)	120.13	120.13	120.13	120.13	120.13	120.13	Non-current liabilities
12	Other Equity (excluding Revaluation Reserves) as shown in the Audited						4475.24	Financial liabilities
	Balance Sheet of the previous year							a) Borrowings	350.40	488.43
13	Earnings Per Share (of ₹ 2/- each) for the period (not annualised) Basic and Diluted	1.37						b) Trade Payables Provisions	109.11 92.18	108.45 73.68
Notes:			1.24	2.04	2.61	3.75	9.63	Other non current liabilities	96.29	132.20
$\mathbf{1}$	The above results have been reviewed by the Audit Committee and approved by the Board of Directors of the Company in their respective meetings held on							Total non-current liabilities	647.98	802.76
	November 5, 2019.							Current liabilities
$\overline{2}$	The Statutory Auditors have carried out limited review of the Unaudited Consolidated financial results for the quarter and Half year ended September 30, 2019.							Financial liabilities
$\overline{\mathbf{3}}$	The Company, its Subsidiaries and Associates are primarily engaged in Construction / Project activities and there are no other reportable segments under Ind AS 108 "Operating							a) Borrowings	1953.08	1873.59
	Segments".							b) Trade payables:
	The exceptional item for the quarter and half year ended September 30, 2019, represents provision made for loan of $\bar{\tau}$ 13.91 Crores.							Dues to micro & small enterprises	25.83	13.02
5	Other income for the quarter and half year ended September 30, 2019 includes a profit on sale of land of ₹ 44.25 Crores.							Dues other than micro & small enterprises	3748.82	4501.99
6	The Group has adopted Ind AS 116 'Leases' effective April 1, 2019 and the impact on the same is insignificant.							c) Other financial liabilities	424.11	403.05
								Provisions	46.17	40.45
								Current tax liabilities (net) Other current liabilities	62.96 2235.71	62.92 2090.12
		BOI & ASSI						Total current liabilities	8496.68	8985.14
								Total liabilities	9144.66	9787.90
	S.R.BA	CHARTERED				By order of the Board		Total equity and liabilities	14058.08	14660.37
		ACCOUNTANTS ) ъ				for NCC Limited
				C		DSSEP 1
	Place: Hyderabad					A.A.V.RANGARAJU
	Date: 05.11.2019					Managing Director

N(C

NCC Limited

	UNAUDITED STANDALONE CASH FTOW STATEMENT FOR THE HAIF YEAR ENDED 3OTH	20L9
			(< rn Lrores) Half Year ended
		30.09.2019	30.09.2018
A.	Cash flows from operating activities
	Profit before tax	233.27	368.19
	Adiustments for:
	Depreciation and amortisation expenses	88.58	70.05
	(Profit) on sale of Property, Plant and Equipment and lnvestment Property	(44.s9)	(0.es)
	Finance costs	2s6.60	209.72
	lnterest income	(36.20)	(39.27].
	Trade Receivables / Advances written off		15.38
	Provision for doubtful trade receivables / advances / others Expected credit loss for Unbilled revenue	4.00 7.1,2	24.28
	Exceptional items (net)	16.50	47.50
	Rental income from investment properties	(2.281	(1.87)
	Net foreitn exchange (gain)	(0.e6)	(10.21)
		284.77	3L4.63
	Operating profit before working capital changes	522.04	642.42
	Changes in working capital:
	Adiustments for (lncrease) / Decrease in operating assets:
	Decrease / (lncrease) in lnventories	26.27	(6s.67)
	Decrease / (lncrease) in Trade receivables	140.84	(64s.19)
	Decrease / (lncrease) in Other financial assets	58.61	127.43].
	(lncrease) in Other Assets	(207.63l.	(ss1.3s)
	Adjustments for lncrease / (Decrease) in operating liabilities: (Decrease) / lncrease in Trade payables	(7s2.6sl
	lncrease in other current liabilities	L57.78	653.43 120.18
	lncrease in Provisions	t0.23	7.97
		(s72.ss)	(514.06)
	Cash generated from operations	(s0.s1)	164.76
	Net income tax (paid)	(41.40)	(110.91)
	Net cash flows (used) / from operating activities (A)	(91.91)	57.85
	B. Cash flows from investing activities
	Capital expenditure for property, plant and equipment, lnvestment property, lntangible
	Assets including Capital Work in Progress	(93.76)	lt77.s3)
	Proceeds from disposal of Property, Plant and Equipment and lnvestment Property	5t.97	3.67
	Movement in Margin moftey deposits /other deposits	(0.10)	(10.8e)
	Purchase of non current investments - Subsidiaries	(1.18)
	Proceeds from sale of non current and current investments - Associates, Others	36.65	0.82
	Loans given to subsidiaries, associates and others	(128.04)	(4e.39)
	Loans realised from subsidiaries, associates and others lnterest received	48.81 45.92	46.L5 27.26
	Rental income from investment properties	2.28	1,.87
	Net cash flows (used) in investing activities (B)	(37.4s1	(1s8.43)
	c. Cash flow from financing activities
	Proceeds received against share warrants		27.45
	Proceeds from long term borrowings	92.67	L98.74
	Repayment of long term borrowings	(144.48)	l.79.76).
	Short term borrowings -(repaid) / borowed (net)	346.74	24t.81,
	Finance costs paid	l22s.sL)	( 1e4.ss)
	Dividend & Tax on dividend paid	(108.62)	172.421.
	Net cash flows (used ) / from financing activities (C)	(39.20)	t2t.27
	Net (Decrease) / lncrease in Cash and cash equivalents (A+B+C)	(158.s6)	20.69
	Cash and cash equivalents at the betinning of the period	r.96.05	59.11
	Cash and cash equivalents at the end of the period	27.49	79.80
	Reconciliation of Cash and cash equivalents with the Balance Sheet:
	Cash and cash equivalents Cash and cash equivalents at the end of the period	27.49 27.49	79.80 79.80
	Note: Figures in brackets represents cash outflows.
	L & Ncc * CHARTERED f		By order of the Board for NCC Limited
	r t Place: Hyderabad * 05.11.2019		6 <r!ee (:A.A.V.RANGARAJU Managing Director

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Independent Auditor's Review Report on the Quarterly and Year to Date Unaudited Standalone Financial Results of the Company Pursuant to the Regulation 33 of the SEBI (Listing Obtigations and Disclosure Requirements) Regulations, 2015, as amended

Review Report to The Board of Directors NCC Limited

• 1. We have reviewed the accompanying statement of unaudited standalone financial results of NCC Limited (the "Company") which includes 3l Joint Operations for the quarter ended September 30,2019 and year to date from April 1,2019 to September 30,2019 (the "statement") attached herewith, being submitted by the Company pursuant to the requirements of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations ,2015, as amended (the "Listing Regulations"). Attention is drawn to the fact that the figures for net cash inflows for the corresponding period from April 1,2018 to September30,20l8, as reported in these unaudited standalone financial results have been approved by the Board of Directors of the Company, but have not been subjected to review.
• 1. This Statement, which is the responsibility of the Company's Management and approved by the Company's Board of Directors, has been prepared in accordance with the recognition and measurement principles laid down in Indian Accounting Standard 34, (lnd AS 34) "Interim Financial Reporting" prescribed under Section 133 of the Companies Act,2013, as amended, read with relevant rules issued thereunder and other accounting principles generally accepted in India. Our responsibility is to express a conclusion on the Statement based on our review.
• 1. We conducted our review of the Statement in accordance with the Standard on Review Engagements (SRE) 2410, "Review of Interim Financial Information Performed by the Independent Auditor of the Entity" issued by the Institute of Chartered Accountants of India. This standard requires that we plan and perform the review to obtain moderate assurance as to whether the Statement is free of material misstatement. A review of interim financial information consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with Standards on Auditing and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.
• 1. Based on our review conducted as above, nothing has come to our attention that causes us to iielieve that the accompanying Statement, prepared in accordance with the recognition and measurement principles laid down in the aforesaid Indian Accounting Standards ('Ind AS') specified under Section 133 of the Companies Act,2013, as amended, read with relevant rules issued thereunder and other accounting principles generally accepted in lndia, has not disclosed the information required to be disclosed in terms of the Listing Regulations, including the manner in which it is to be disclosed, or that it contains any material misstatement.

For S.R. BATLIBOI & ASSOCIATES LLP Chartered Accountants ICAI Firm registration number: 101049WE300004

per Navneet Rai Kabra Partner Membership No.: ¹⁰²³²⁸ *

UDIN: 1 9 I 02328AAAADP4776

Hyderabad November 05,2019

NCC

NCC Limited

UNAUDITED CONSOLIDATED CASH FLOW STATEMENT FOR THE HALF YEAR ENDED SEPTEMBER 30, 2019
		(₹ in crores)
	Half Year ended 30.09.2019	30.09.2018
A. Cash flows from operating activities
Profit before tax	223.46	363.88
Adjustments for:
Depreciation and amortisation expenses	102.99	93.53
Share of loss from associate companies	4.21	3.38
(Profit) / Loss on sale of Property, Plant and Equipment and Investment Property	(40.67)	2.94
Finance costs	277.42	245.51
Interest income	(19.36)	(18.81)
(Profit) on sale of current & Non-Current investments(net)	(0.36)	(2.04)
(Gain) on remeasuring investment at FVTPL (net)	(4.35)	(1.29)
Trade Receivables / Advances written off		24.28 6.02
Provision for doubtful trade receivables, advances and others	4.01 7.12
Expected credit loss for Unbilled revenue	13.91	40.00
Exceptional items (net)	(3.40)	(3.11)
Rental income from investment properties	341.52	390.41
Operating profit before working capital changes	564.98	754.29
Changes in working capital:
Adjustments for (Increase) / Decrease in operating assets:
Decrease / (Increase) in Inventories	65.34	(53.32)
Decrease / (Increase) in Trade receivables	268.18	(583.40)
Decrease / (Increase) in other financial assets	100.41	(9.30)
(Increase) in other current assets	(203.25)	(530.10)
Adjustments for Increase / (Decrease) in operating liabilities:
(Decrease) / Increase in Trade payables	(739.72)	594.43
(Decrease) in Other financial liabilities	(4.73)	(4.01) 82.09
Increase in Other current liabilities	109.68 19.33	9.10
Increase in Provisions	(384.76)	(494.51)
Cash generated from operations	180.22	259.78
Net income tax (paid)	(41.57)	(110.92)
Net cash flows from operating activities (A)	138.65	148.86
B. Cash flows from investing activities
Capital expenditure for Property, Plant and Equipment, Investment Property, Intangible
Assets including CWIP	(96.63)	(205.12)
Proceeds from disposal of Property, Plant and Equipment and Investment Property	66.49	15.80
Movement in Margin Money Deposits / Other Deposits	(0.18)	(12.92)
Sale / (Purchase) of Non current / current investments	68.59	(7.70)
Loans realised / (given) - Associates and others	35.08	(4.70)
Interest received	22.13	23.16
Rental income from investment property	3.40 1.96	3.11 13.34
Foreign Exchange translation adjustment (arising on consolidation)	100.84	(175.03)
Net cash flows from / (used) in investing activities (B) C. Cash flow from financing activities
Proceeds received against share warrants		27.45
Issue / Redemption of debentures	(23.00)	(20.90)
Proceeds from long term borrowings	92.67	198.74
Repayment of long term borrowings	(208.45)	(112.88)
Short term borrowings -(repaid) / borrowed (net)	79.49	255.26
Finance costs paid	(249.46)	(230.64)
Dividend and Dividend Tax paid	(108.62)	(72.42)
Net cash flows (used) / from financing activities (C)	(417.37) (177.88)	44.61 18.44
Net (Decrease) / Increase in Cash and cash equivalents (A+B+C)		76.06
Cash and cash equivalents at the beginning of the period	219.43 41.55	94.50
Cash and cash equivalents at the end of the period Reconciliation of Cash and cash equivalents with the Balance Sheet:
	41.55	94.50
Cash and cash equivalents Cash and cash equivalents at the end of the period	41.55	94.50

Place: Hyderabad Date: 05.11.2019

$\pm$

By order of the Board for NCC Limited

A.A.V.RANGARAJU Managing Director

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Independent Auditor's Review Report on the Quarterly and Year to Date Unaudited Consolidated Financial Results of the Company Pursuant to the Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended

Review Report to The Board of Directors NCC Limited

• l. We have reviewed the accompanying Statement of Unaudited Consolidated FinancialResults ofNCC Limited (the "Holding Company" or the "Company"), which includes 3l joint operations and its subsidiaries (the Holding Company and its subsidiaries together referred to as "the Group") and its associates for the quarter ended September 30,2019 and year to date from April 1,2019 to September 30,2019 (the "statement") attached herewith, being submitted by the Holding Company pursuant to the requirements of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations,20l5, as amended (the "Listing Regulations"). Attention is drawn to the fact that the consolidated figures for the net cash inflows for the corresponding period from April 1, 2018 to September 30,2018, as reported in these unaudited consolidated financial results have been approved by the Holding Company's Board of Directors, but have not been subjected to review.
• 1. This Statement, which is the responsibility of the Holding Company's Management and approved by the Holding Company's Board of Directors, has been prepared in accordance with the recognition and measurement principles laid down in Indian Accounting Standard 34, (Ind AS 34) "lnterim Financial Reporting" prescribed under Section 133 of the Companies Act,2013, as amended, read with relevant rules issued thereunder and other accounting principles generally accepted in India. Our responsibility is to express a conclusion on the Statement based on our review.
• 1. We conducted our review of the Statement in accordance with the Standard on Review Engagements (SRE) 24 1 0, "Review of lnterim Financial Information Performed by the Independent Auditor of the Entity" issued by the Institute of Chartered Accountants of India. This standard requires that we plan and perform the review to obtain moderate assurance as to whether the Statement is free of material misstatement. A review of interim financial information consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with Standards on Auditing and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.

We also performed procedures in accordance with the CircularNo. CIR/CFDICMD|l4412019 dated March 29, 2019 issued by the Securities and Exchange Board of India under Regulation 33(8) of the Listing Regulations, to the extent applicable.

• 1. The Statement includes the results of the entities as referred to in Annexure I.
• 1. The accompanying Statement includes unaudited interim financial results and other unaudited financial information of 44 subsidiaries, whose interim financial results and other financial information reflect Group's share of total assets of Rs. 2,987.4 crore as at September 30, 2019, and Group's share of total revenues of Rs. 210.56 crore and F.s.375.21 crore, Group's share of total net loss after tax of Rs. 26.19 crore and Rs. 33.21 crore, Group's share of total comprehensive loss of Rs. 44.59 crore and Rs. 49.89 crore, for the quarter ended September30,2019 andfortheperiodfromApril 1,2019 toSeptember30,20T9,respectively,andnetcash outflows of Rs. 9.31 crore for the period from April 1,2019 to September 30,2019, as considered in the Statement, which have been reviewed by their respective independent auditors. The Statement also includes the Group's share of net loss after tax of Rs. 2.01 crore and Rs 4.21 crore and total comprehensive loss of Rs. 2.01 crore and Rs. 4.27 crore, for the quarter ended September 30,2019 and for the period from April 1,2019 30,2019, respectively, as considered in the Statement, in respect of 5 associates, whose interim results and other financial information have been reviewed by their respective independent auditors. auditor's review reports on interim financial results and other financial information of these been furnished to us by the Management and our conclusion on the Statement, in so far as it

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relates to the amounts and disclosures in respect of these subsidiaries and associates is based solely on the report ofsuch auditors and procedures performed by us as stated in paragraph 3 above.

Of the above, 4 subsidiaries are located outside India whose financial results and other financial information have been prepared in accordance with accounting principles generally accepted in their respective countries and which have been reviewed by other auditors under generally accepted auditing standards applicable in their respective countries. The Holding Company's management has converted the financial results of such subsidiaries located outside India from accounting principles generally accepted in their respective countries to accounting principles generally accepted in lndia. We have reviewed these conversion adjustments made by the Holding Company's management. Our conclusion in so far as it relates to the balances and affairs of such subsidiaries located outside India is based on the report of other auditors and the conversion adjustments prepared by the management of the Holding Company and reviewed by us.

Our conclusion on the Statement is not modified in respect of these matters.

• 1. The accompanying Statement includes unaudited interim financial results and other unaudited financial information in respect of 4 subsidiaries, whose interim financial results and other financial information reflect Group's share of total assets of Rs. 3.02 crore as at September 30,2019, and Group's share of total revenues of Rs. Nil and Rs. Nil, Group's share of total net profit after tax of Rs. Nil and Rs. 0.89 crore, Group's share of total comprehensive loss of Rs.0.07 crore and Group's share of total comprehensive income of Rs.0.83 crore, for the quarter ended September 30,2019 and for the period from April 1,2019 to September 30,2079, respectively, and net cash inflows of Rs. Nil, for the period from April 1, 2019 to September 30, 2019, as considered in the Statement. The Statement also includes the Group's share of net profit after tax of Rs. Nil and Rs. Nil and total comprehensive income of Rs. Nil and Rs. Nil, for the quarter ended September 30,2019 and for the period from April 1,2019 to September 30,2019, respectively, as considered in the Statement, in respect of 4 associates, based on their interim financial results and other financial information. These unaudited interim financial results and other unaudited financial information have not been reviewed by their auditors and have been approved and furnished to us by the Management and our conclusion on the Statement, in so far as it relates to the affairs of these subsidiaries and associates, is based solely on such unaudited interim financial results and other unaudited financial information. According to the information and explanations given to us by the Management, these interim financial results and other financial information are not material to the Group. Our conclusion on the Statement is not modified in respect of this matter.
• 1. Based on our review conducted and procedures performed as stated in paragraph 3 above and based on the consideration of the review reports of other auditors referred to in paragraph 5 above, nothing has come to our attention that causes us to believe that the accompanying Statement, prepared in accordance with recognition and measurement principles laid down in the aforesaid Indian Accounting Standards ('lnd AS') specified under Section 133 of the Companies Act, 2013, as amended, read with relevant rules issued thereunder and other accounting principles generally accepted in India, has not disclosed the information required to be disclosed in terms of the Listing Regulations, including the manner in which it is to be disclosed, or that it contains any material misstatement.

For S.R. BATLIBOI & ASSOCIATES LLP Chartered Accountants ICAI Firm registration number: I 01049WE300004

;t

per Navneet Rai Kabra Partner Membership No.: 102328

UDIN : 19102328AAAADQ3 894

Hyderabad November 05,2019

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Annexure I

SI No.	Name of the Entity
	Subsidiaries
I	AKHS Homes LLP (Formerly known as "AKHS Homes Private Limited")
2	Al Mubarakia Contracting Co. L.L.C
3	Aster Rail Private Limited
4	CSVS Properly Developers Private Limited
5	Dhatri Developers & Projects Private Limited
6	JIC Homes Private Limited
7	Kedarnath Real Estates LLP (Formerly known as "Kedarnath Real Estates Private Limited")
8	M A Property Developers Private Limited
9	Mallelavanam Propefi Developers Private Limited
l0	Nagarj una Construction Company International L. L.C
ll	Nagarjuna Contracting Co. L.L.C.
12	Nagarjuna Suites Private Limited
l3	Nandyala Real Estates LLP (Formerly known as "Nandyala Real Estates Private Limited")
t4	NCC Infra Limited
15	NCC Infrastructure Holdings Limited
l6	NCC Infrastructure Holdings Mauritius Pte. Limited
t7	NCC International Convention Centre Limited
18	NCC Oil & Gas Limited
t9	NCC Urban Homes Private Limited
20 21	NCC Urban Infrastructure Limited NCC Urban Meadows Private Limited
22	NCC Urban Ventures Private Limited
23	NCC Urban Villas Private Limited
24	NCC Vizag Urban Infrastructure Limited
25	NCC WLL*
26	NCCA International Kuwait General Contracts Company LLC
27	NJC Avenues Private Limited
28	OB Infrastructure Limited
29	Pachhwara Coal Mining Private Limited
30	Patnitop Ropeway & Resorts Limited
3t	PRG Estates LLP (Formerly known as "PRG Estates Private Limited")
32	Samashti Gas Energy Limited
JJ	Savitra Agri Industrial Park Private Limited
34	Siripada Homes Private Limited
35	Sradha Real Estates Private Limited
36	Sri Raga Nivas Properly Developers LLP (Formerly known as "Sri Raga Nivas Property Developers Private Limited")
3t	Sri Raga Nivas Ventures Private Limited
38	Sushanthi Housing Private Limited
39	Sushanti Avenues Private Limited
40	Sushruta Real Estates Private Limited
41	Talaipalli Coal Mining Private Limited
42	Thrilekya Real Estates LLP (Formerly known ad "Thg[.lpfi3q;p4rl Estates Private Limited")
43	,&24:4, Vaidehi Avenues Limited
44	/Ai/olrno..'\$\ Vara Infrastructure Private Limited *

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SI No.	Name of the Entity
45	Varma Infrastructure LLP (Formerly known as "Varma Infrastructure Private Limited")
46	Vera Avenues Private Limited
47	VSN Property Developers LLP (Formerly known as "VSN Properly Developers Private Limited")
Tellapur Technocity (Mauritius) ^ 48
Associates
I	Apollonius Coal and Energy Pte. Limited
2	Brindavan Infrastructure Company Limited
J	Ekana SportzCig Private Limited
4	Himalayan Green Energy Private Limited
5	Nagarj una Facilities Management Services L. L. C
6	Paschal Form Work (India) Private Limited
7	Pondicherry Tindivanam Tollway Limited
8	Tel lapur Technocity Private Limited
9	Varaprada Real Estates Private Limited

*Liquidated with effect from June 18, 2019.

^Ceased to be subsidiary during the period ended September 30,2019

PRESS RETEASE

Stondolone: Second Quorter

NCC Limited [NCC] reported o totol income of ? 1802.32 Crore (including other income) for the 2nd quorter of the cunent yeor os ogoinst t3132.88 Crore in the conesponding quorter of the previous yeor. The Compony hos reported qn EBIDTA olt Z3g.O2 Crore ond ^oNel Profit of t 80.04 Crore os ogoinst <365.09 Crore ond il25.65 Crore reported respectively in the conesponding quorter of the previous yeor. The compony hos posted on EPS of ( 1.34 for 2nd quorter os ogoinst t2.09 in the corresponding quorter of the previous yeor.

Six monlhs perlod

The compony hos reported o totol income of ( 4015.02 Crore for the six months period of the cunent yeor os ogoinst <5527.02 Crore in the conesponding six months period of the previous yeor. The compony hos reported on EBIDTA of t 49?.6', Crore ond Net proflt of ? 16I.36 Crore for the six months period ended 30th September, 20lg os ogoinst <632gs Crore ond 7229.32 Crore reporfed respectively in the conesponding pLriod of the previous yeor. The compony hos posted on EPS of ( 2.69 for the six months period os ogoinst t3.82 in the conesponding six months of the previous yeor.

Consolldoled:

Second Quorler

On consolidotion bcrsis, the Compony hos reported o turnover of ? Igg8.25 Crore for the 2nd quorter of the cunent yeor os ogoinst {3261.?3 Crore in the conesponding quorter of the previous yeor. The Compony hos reported on EBIDTA of t 258.13 Crore ond o Net profit of ( 78.78 Crore os ogoinst t400.86 Crore ond (122.55 Crore respectively in the conesponding quorter of the previous yeor. The compony hos reported on EPS of ( 1.37 os ogoinst t 2.04 in the conesponding quorter of the previous yeor.

Slx monlhs perlod:

The Compony hos reported o turnover of t 436?.76 Crore for the six months of the cunent yeor os ogoinst <5792.74 Crore in the conesponding six monlhs of lhe previous yeor, EBIDTA of t 537.49 Crore ond Net Proftl of t 151.05 Crore for the holf yeor ended 30th September,2Ol9 os ogoinst t709.45Crore ond {224.71 Crore reported respectively in the conesponding six months period of the previous yeor. The compony hos reported on EPS of ( 2.6I for FY 20I9 os ogoinst < 3.75 in the previous yeor.

ln the second quorter of the current yeor, the compony hos secured orders oggregoting to t ^I51 8 Crore ond the Order Book stood ot ? 331 73 Crore os of 30th Septembe r, 2O1g .

During October,20l9, the compony hos secured orders oggregotingt973.22 Crore

For NCC Limlled

Ploce: Hyderobod Dote:05.1,l.2019

sri"-tE6' 1- A.A.V.RANGA RAJU MANAGING DIRECTOR