NBCC annual profit rises 32% to Rs 5,838 crore
The annual financial results for FY 2015-16 announced on Monday shows the company posting a profit of Rs 311 crore while its total income has surged to Rs 5838 crore.
Speaking to Media Chairman-cum-Managing Director Anoop Kumar Mittal said that the company had been consistently performing well and informed that the Order Book position of the company as of now, stood at more than Rs 35000 crore and was likely to touch the figure of approximately 60,000 crore in next few months.
Elaborating upon the business outlook, Mittal stated that the company’s focus areas in the coming years would primarily be PMC and redevelopment works.
He said that NBCC already had huge work orders from the government in respect of the redevelopment of properties which included Rs 5000 crore East Kidwai Nagar Redevelopment, Rs 2149 crore Integrated Exhibition-cum-Convention Centre for ITPO, AIIMS redevelopment works of Rs 5828 crore etc.
In this context, he also informed that very soon NBCC would be adding to its kitty, three more works of redevelopment of government properties valuing approximately Rs 25000 crore and located at Netaji Nagar, Sarojini Nagar and Nauraji Nagar in Delhi.
Giving an account of the company’s latest strategic moves in business operations, Mittal spoke of NBCC’s recent initiative towards acquiring HSCL, a Central PSU under the Ministry of Steel.
When asked about the viability of this take over by NBCC, he said “It would be a win win situation for NBCC as this would allow the Company to enter into the steel vertical where it has no presence at present”.
He further said, “The excess land parcels now available with HSCL shall be conveniently monetised by the Company to pay off the former’s bank loan not covered by the Government grant”. Mittal also informed the media that the company had recently gone for stock split of each equity share of face value of Rs 10 each into 5 equity shares of face value of Rs 2 to make company scrip more affordable for the common investors.
Mentioning about the future focus areas, Mittal stated that the company in line with the government’s vision for development, would extensively be putting its emphasis in initiatives like Namami Gange, Skill Development, Housing for All, AMRUT, Real Estate Development in Tier II & III Cities, Swachh Bharat Campaign.