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Navayuga Engineering Company Ltd (NECL) is expecting to clock ₹10,000-crore turnover over the next three years, according to its Managing Director C Sridhar.
The company is likely to close the present financial year with a topline of ₹6,000 crore, Sridhar told newspersons at the Polavaram Project Dam construction site on Monday.
The privately-held company has an order book of ₹28,000 crore, consisting of works related to construction of tunnels, highways, expressways, power projects and classified defence projects.
“With the completion of Polavaram project and the world records we have set, we will drive further growth in order book,’’ said the executive, adding that the completion of Polavaram project will help NECL to make an impression on the customers about its abilities to take up mega projects. The NECL is building a significant part of the Polavaram project other than gates and few other works at ₹ 3,400 crore (at 2015 prices).
The total cost of the project is estimated at ₹58,000 crore as per the revised detailed project report. It is expected to be completed by April 2020.
The full utilisation of its capacity depends on the completion of other aspects including rehabilitation.
“The work that could be done in three years has been reduced by about 14 months. And we took up the challenge by augmenting capabilities. We have bought new additional machinery to speed up the work,’’ said Sridhar. The company is already in the race for some key projects in India, including some in Jammu & Kashmir, and in Bhutan. On the infrastructure industry scenario, he said, “There is some difficulty in planning and execution of projects as the central government projects are not being well funded like earlier.’’
“I expect that over the next two to three years, there will eight to 10 top players in the industry and companies can pick and choose projects,’’ he said, hoping that the NECL will be amongst them.
On the financial performance of Navayuga, Sridhar said, “At 8 per cent profit after tax, we are doing better than the industry average. We are well capitalised.’’
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