Shares of public sector undertaking NBCC (India) gained 7 percent on April 23 after the company in a regulatory filing said its business touched Rs 23,500 crore at a consolidated level in FY24, growing more than 250 percent over last financial year.
NBCC secured significant business during FY24 including new works of Rs 23,500 crore on consolidated basis and Rs 18,400 crore on standalone basis. The corresponding figures compare to Rs 6,700 crore (consolidated basis) and Rs 4,225 crore (standalone basis) in preceding FY, the PSU said in the filing.
Also read: NBCC sells 2 lakh sq ft of commercial space for Rs 828 cr at World Trade Centre in Delhi
NBCC’s CMD KP Mahadevaswamy has cited ‘robust order book and a strategic focus on redevelopment and land monetization’ as growth driver.
At the World Trade Centre project in Delhi’s Nauroji Nagar area, NBCC has sold commercial real estate inventory worth Rs 6,500 crore last financial year, nearly three fold of what it managed in FY23. As on date, the company has sold a total commercial inventory of over 30 lakh sq ft through 25 e-auctions, having a sale value of over Rs 12,100 crore, NBCC said in the regulatory filing.
During FY24, at a consolidated basis, the company has been awarded works of approximately Rs 9,800 crore pertaining to different projects, registering a growth of about 62 percent on year.
Amrapali Update
NBCC completed about 19,000 units in three years at different Amrapali projects, and aims to deliver another 19,000 by March 2025. NBCC along with ASPIRE team has achieved sale of over 6,300 units in Amrapali projects with total value of more than Rs 3,650 crore, it said. The Amrapali Stalled Projects and Investments Reconstruction Establishment (ASPIRE) has been set up by NBCC to bail out customers in stalled projects.
Also read: NBCC to complete pending Amrapali projects and deliver flats to homebuyers by March 2025
The company said that the Greater Noida Authority’s approval for additional FAR (floor area ratio) works in Amrapali projects will bring a revenue of around Rs 10,000 crore to NBCC. The company is also executing its first re-development project out-side of Delhi at Kerala State Housing Board (KSHB) Project valuing Rs 2,000 crore.
The NBCC is also executing redevelopment and modernisation of central government presses through self-financing model at Mayapuri, Rashtrapati Bhawan, Nasik and Kolkata valuing Rs 750 crore, the company said.
Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!