National Buildings Construction Corporation Ltd (NBCC) is likely to clinch three redevelopment projects that will add ₹25,000 crore to its kitty, Chairman-cum-Managing Director AK Mittal said on Tuesday.
“We are awaiting approval for three projects — Netaji Nagar, Sarojini Nagar, Nauroji Nagar. We expect the government to approve it in the next two months,” Mittal told reporters here.
NBCC is currently engaged in redevelopment of East Kidwai Nagar, New Delhi, which is a ₹5,000-crore project.
The company’s board has also withdrawn the proposal to raise fresh capital worth ₹1,000 crore. “We don't need the money right now for our business operations,” Mittal added.
On the takeover of Hindustan Steelworks Construction Ltd, he said, “We are awaiting Cabinet approval. The government will provide some clarity in the next two months. Hindustan Steelworks will be merged with NBCC after financial restructuring so that NBCC doesn’t bear any financial load.”
Q4 resultsNBCC has posted a net profit of ₹141.48 crore in the fourth quarter of financial year 2015-16 against ₹133.63 crore in the corresponding quarter of financial year 2014-15. The total income from operations stood at ₹ 2,313.38 crore in the fourth quarter of financial year 2015-16 against ₹1,647.84 crore in the corresponding quarter of financial year 2014-15.
“The company has registered 32 per cent growth in top line during 2015-16,” Mittal said, adding that the order book of the company as of now stands at more than ₹35,000 crore.