State-owned construction firm NBCC on Tuesday said it is targeting a 33 per cent rise in its 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 (21.63 per cent growth over 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.