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NBCC POSTS A SUBSTANTIAL 32 percent GROWTH IN TOPLINE Achieves Huge Surge in Order Book PSU NEWS

 

New delhi :NBCC, the state owned Navratna Enterprise, under the Ministry of Urban Development, Govt. of India, has registered a substantial 32% Growth in Top line during FY 2015-16 as compared to the previous year. The Annual Financial Results for FY 2015-16, announced on 16th May 2016, shows the Company posting a Profit of Rs.311 Crore while its total Income has surged to Rs.5838 Crore.

Speaking to the Media on the occasion, Shri Anoop Kumar Mittal, Chairman-cum-Managing Director of the Company 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, Shri 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 the Media that very soon NBCC would be adding to its kitty, three more Works of redevelopment of Govt. 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, Shri 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”



Posted Date :  17-05-16

Categories : PSU NEWS