NBCC eyes 33 per cent rise in revenues this financial year

The MoU was signed by Housing and Urban Affairs Secretary Durga Shanker Mishra and NBCC’s CMD Shiv Das Meena.
For representational purposes (File Photo | PTI)
For representational purposes (File Photo | PTI)

State-owned construction firm NBCC this week said that it is targeting a 33 per cent rise in standalone sales turnover at Rs 9,500 crore during the current financial year.

NBCC (India), a Navratna CPSE under the Ministry of Housing and Urban Affairs, has signed an initial agreement for 2019-20 with its administrative ministry. The signed Memorandum of Understanding (MoU) outlines performance targets for the company based on various financial parameters, dynamic parameters, sector-specific and enterprise-specific parameters.

The MoU was signed by Housing and Urban Affairs Secretary Durga Shanker Mishra and NBCC’s CMD Shiv Das Meena.

“Sales turnover of the company has been fixed at Rs 9,500 crore and operating profit has been targeted at five per cent of revenue from operations (net). Profit after tax has been targeted as 27 per cent of average net worth,” the company said in a statement.

During 2018-19, NBCC registered a turnover of Rs 7,141.60 crore or 21.63 per cent growth over the previous year and net profit of Rs 384.11 crore (an increase of 15.14 per cent over previous year). The MoU has laid specific emphasis on achieving set parameters with respect to completion of projects above Rs 150 crore without time overrun.

Giving a broad outlook, the company also said that it “is aggressively focusing upon project implementation to convert the projects in-hand into deliverables”. It would also capitalise on new market opportunities by strengthening its core competencies, it said.

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