NBCC ANNUAL PACT WITH GOVERNMENT TARGETS SUBSTANTIAL GROWTH IN PROFIT

by admin 2 weeks ago

Photo - MoU signing between NBCC and MoUD

NBCC, a Navratna CPSE under the Ministry of Urban Development (MoUD), Govt. of India, has signed Memorandum of Understanding (MoU) for the FY 2017-18 with its Ministry today. The annual MoU has been signed by Shri Rajiv Gauba, IAS, Secretary (UD), Govt. of India, on behalf of the MoUD and Dr. Anoop. K. Mittal, CMD, NBCC, on behalf of NBCC.

The MoU outlines targets on various performance parameters for the Company during the year. While Revenue from operations has been targeted at Rs.6850 Crore, the PAT has been projected at Rs. 261.43 crore (PBT Rs.304.83 crore). The Company during the year, plans to secure new works worth Rs.8600 Crore. Further, this year’s MoU of NBCC has laid specific emphasis on capacity utilisation, aiming to complete 8 million sq.ft. of structures during the Financial Year. Among the milestones targeted to be achieved include Completion of 36 Towers at the Mega Redevelopment Project of East Kidwai Nagar; Demolition of – all 628 existing Residential Quarters at Nauroji Nagar, 600 existing Residential Quarters at Sarojini Nagar and 500 existing Residential Quarters at Netaji Nagar, New Delhi which all are part of integrated Redevelopment of the three colonies. This apart, the Company also targets demolition of 75,000 Sqm. area out of total 1,26,829 Sqm. area and Construction of works valuing Rs 250 Crore in its ITPO Project, Pragati Maidan, New Delhi during this FY 17-18. The important projects that the Company plans to complete include IIT Roorkee (UK), Trade Facilitation Centre and Crafts Museum, Varanasi (UP), ESIC Medical College and Hospital at Mandi (HP) and VNIT Nagpur (Maharashtra).

It is worth mentioning that NBCC’s performance during FY 2016-17 remained excellent as it registered a substantial 23% Growth in PAT with EBITDA Growth of 31% by achieving a Turnover of Rs.6313 crore. Talking to the Media at the MoU signing event, Dr. A.K. Mittal, CMD of the Company gave an encouraging outlook of the Company for FY 2017-18 and beyond. He informs, the Company during the year 2018 is set to execute a huge redevelopment projects recently awarded to NBCC including the massive development of ITPO Works, Pragati Maidan, New Delhi. On the occasion, he also  mentioned  about some significant initiatives being shouldered by the Company like Monetization of Land of sick PSUs, Housing for All ventures, adoption of new technologies for faster construction, reconstruction of Heritage Buildings, etc. Speaking on NBCC’s latest business restructuring process, Dr. Mittal said that in order to effectively address the Company’s operations Overseas and in Environment Sector, it has recently set up two new wholly owned Subsidiaries namely, NBCC International Ltd. and NBCC Environment Engineering Ltd. He expressed confidence that by virtue of the Company getting huge opportunities in redevelopment works and other business segments, NBCC, would be in a position to consistently register a 25% Growth in CAGR from FY 2017-18 onwards.

 

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