Shares of Nagarjuna Construction Company Limited (NCC) fell on July 3 despite the company receiving new orders. The shares closed 0.29 percent at Rs 121.75 on the National Stock Exchange.
NCC bagged orders worth Rs 2,055 crore on July 1, the company said in an exchange filing. The first part of the order was related to the building division and is worth Rs 1,355 crore. The second part of the order was worth Rs 720 crore related to the electricity works.
The orders were received from private and state governments and not from any of NCC’s related-party companies. The orders have to be executed within 20-27 months from the time they are awarded.
The construction company’s stock has gained 33 percent since January 1. NCC shares have gained 133 percent in the past year.
Also read: Buy NCC; target of Rs 137: HDFC Securities
NCC’s total revenue for FY23 increased 40 percent year-on-year to Rs 15,701 crore. In the same period, the company’s net profit grew 26 percent YoY to Rs 609 crore. Its EBITDA margins increased by 47 basis points YoY in FY23.
The infrastructure company in May had received orders worth Rs 2,088 crore relating to the building and water department. The orders received were from private players and state governments.
NCC is in the construction business of residential properties, industrial facilities, roads, civil engineering structures and other infrastructure projects.
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