National construction giant NBCC's order book approaches Rs 1 lakh crore
New Delhi: State-owned NBCC (India) posted 3 per cent decline in consolidated net profit at Rs 76.24 crore for the quarter ended September 2018.
Its net profit stood at Rs 78.59 crore in the year-ago period, according to a regulatory filing.
Total income rose to Rs 1,465.30 crore during the second quarter of this fiscal from Rs 1,363.41 crore in the corresponding period of the previous year.
On standalone basis, NBCC posted 16 per cent rise in net profit to Rs 85.96 crore in the reported quarter as against Rs 74.12 crore in the year-ago period, the company said in a statement Tuesday.
Total income rose 43 per cent to Rs 1,646.48 crore from Rs 1,153.71 crore during the period under the review.
NBCC CMD Anoop Kumar Mittal said EBITDA of this quarter is not comparable with same quarter of the previous year.
In the September quarter of 2017-18, the company accounted for some upfront fee for DPR (detailed project report) preparation as per the old policy but with change in accounting norms from April 2018, the upfront fee for DPR preparation is now accounted for as advance and not as part of top line and bottom line at the time of receipt, he said.
The upfront fee for DPR preparation will become the part of top line and bottom line during the execution of the project.
"Hence the margin of Project Management Consultancy (PMC) segment in the current year would also remain in the range of 6.5 to 7 per cent," Mittal said.
NBCC said its 88 per cent of business revenue comes under PMC segment. Its order book has touched nearly Rs 1,00,000 crore.
During the reported quarter, NBCC has bagged various projects from state governments like Uttarakhand, Rajasthan, Jharkhand to name a few.
NBCC said it has recently invited Expression of Interest (EoI) from developers to jointly build commercial and residential real estate projects as a co-developer in Delhi-NCR.