NBCC Net Profit Jumps 176% In March Quarter
State-run construction company NBCC (India) on Monday posted a jump of 176 per cent in its net profit to Rs 113.63 crore for the quarter ended March 31, 2023, against Rs 41.10 crore in the year-ago period.
The company's total income went up 13.89 per cent to Rs 2,843 crore in the quarter under review, against Rs 2,496 crore in the corresponding period the previous year, according to a statement shared with exchanges. In the fourth quarter of FY23, its project management consultants segment was Rs 2,487.98 crore, against Rs 2,207.85 crore in the year-ago period. While in real estate, it posted Rs 60.21 crore for the quarter under review, against Rs 49.30 crore in the corresponding period a year ago.
In the engineering, procurement, and construction (EPC) segment, it posted Rs 184.21 crore in Q4FY23, against Rs 135.16 crore in the year-ago period, the statement released on Monday evening said.
The board of directors has recommended a final dividend 54 per cent which is Rs 0.54 per equity share (subject to deduction of TDS) on the face value of the paid-up equity shares of Rs 1 per share for the FY 2022-23.
The company said it constructed Group Housing Real Estate project at Kochi, Kerala, comprising 3,20,216 sq ft of residential and 4,424 sq ft of commercial area. The company has incurred a construction cost, amounting Rs 8719.13 lakh thereon up to March 31, 2023.
The sale in the project is pending for want of environmental clearance (EC) and other necessary statutory approvals, the company said. However, Real Estate (Regulation and Development) Act (RERA) registration for the project has been received on the basis of available documents. The company expects to receive environmental clearance (EC) soon.
The company has also executed Group Housing project in Alwar with a total expenditure of Rs 57.66.21 lakh up to March 31, 2023. A substantial portion of the project was completed in the year 2018. The company initiated the sale of the project in the year 2014-15, according to the company's statement shared with exchanges. (ANI)
