Shares of NBCC (India) Ltd dropped as much as 3.4% in intra-day trade after the state-owned company reported a 7% decline in consolidated net profit to Rs 142.45 crore for the quarter ended March compared with Rs 153.37 crore in the year-ago period.
NBCC’s total income during the March quarter rose to Rs 3,193.62 crore from Rs 2,987.03 crore in the corresponding period of the previous year.
NBCC’s net profit for 2018-19 slipped to Rs 391.63 crore from Rs 395.72 crore in 2017-18, while total income rose to Rs 10,151.36 crore from Rs 8,609.62 crore.
NBCC won new projects worth Rs 12,427.42 crore in the period from April 2018 to March 2019. The new projects included the AIIMS- Bilaspur and Jharkhand, IIM-Ranchi and Vishakhapatnam, IIT Bhubaneswar, infrastructure works under Raipur Smart city Ltd, redevelopment of WHO Office, projects under central govt schemes of Pradhan Mantri Gram Sadak Yojana and Namami Gange among others.
NBCC director (Commercial) Rajendra Chaudhari said: “In the financial year 2019-20, we shall be extra determined and will fast track our steps to successfully accomplish a strong market share growth as well as enhance our topline and bottomline numbers while fulfilling the expectations riding on NBCC by the government, our stakeholders and the citizens.”
A preferred partner of the government for infrastructure projects, NBCC’s 93% of business revenue comes under PMC (project management contract) segment, that has an order book of more than Rs 85,000 crore.
Meanwhile, lenders will vote on the offer made by NBCC for insolvent Jaypee Infratech from Saturday onwards, till 10 June.
NBCC’s proposal includes a Rs 200-crore equity infusion and transfer of 950 acres worth Rs 5,000 crore to the banks. It had said it will withdraw its offer for the company if government authorities reject approval for the transfer of Jaypee’s land and the Yamuna Expressway.
At 1 pm, shares of NBCC (India) were trading at Rs 62.25, down 2.2%, on BSE.
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