The Hindu Business Line : Nagarjuna Construction net rises 53% at Rs 44.90 cr

Nagarjuna Construction Company Ltd (NCCL), the Hyderabad based infrastructure company, has earned a net profit of Rs 44.90 crore for the third quarter ended December 31, 2006, registering a 53 per cent growth over Rs 29.38 crore achieved during the same quarter of the previous fiscal.

FII limit

The turnover stood at Rs 700 crore (Rs 475.5 crore), representing a growth of 47 per cent. The company's board which took on record the unaudited financial results also accorded in-principle approval for increasing the investment limits by FIIs in the equity shares of the company to 74 per cent from the existing 49 per cent subject to approvals from the shareholders.

Equity Issue

The board also gave its in-principle nod to the company to raise Rs 810 crore through issue of equity shares to Qualified Institutional Buyers/GDRs/FCCBs/other permitted securities in accordance with the SEBI guidelines.

The board also okayed the issue of 25-lakh warrants to A.V.S.R. Holding Pvt Ltd, an investment company belonging to the Promoters of NCCL, under the preferential issue guidelines of SEBI. An Extraordinary General Meeting has been convened on February 26, 2007, for obtaining the necessary approvals. The earning per share for the third quarter (not annualised) on the enhanced capital post bonus issue stood at Rs 2.17 (Rs 1.79).

The order book as on January 31, 2007, stood at Rs 7,025 crore. For the 9-month-period NCCL recorded a turnover of Rs 2,005 crore (Rs 1,201 crore) and a net profit of Rs 123 crore (Rs 69 crore), a company release said.