Rs 5,828 crore.
He said that very soon NBCC will add to its kitty, three more works of redevelopment of government properties valuing approximately Rs 25,000 crore and located at Netaji Nagar, Sarojini Nagar and Nauraji Nagar in Delhi.
The company has reported six per cent increase in its consolidated net profit at Rs 141.48 crore and 40 per cent rise in income from operations to Rs 2,313.38 crore in the fourth quarter of last fiscal.
For the entire 2015-16 financial year, NBCC's net profit increased to Rs 311.13 crore and income from operations rose to Rs 5,838.27 crore.
National Buildings Construction Corporation (NBCC) is under the administrative control of Ministry of Urban Development and is present in three main segments -- Project Management Consultancy (PMC), real estate development and EPC Contracting.
On a possible Speaking about acquisition of Hindustan Steelworks Construction Ltd (HSCL), Mittal said this would allow the company to enter into the steel vertical where it has no presence at present. He added that excess land parcels available with HSCL shall be conveniently monetised by the company to pay off the former's bank loans not covered by the government grant.
NBCC on May 16 reported a 6 percent increase in its consolidated net profit at Rs 141.48 crore for the quarter ended March 31. Net profit stood at Rs 133.63 crore in the year-ago period, the National Buildings Construction Corporation (NBCC) said in a regulatory filing.
During the entire 2015-16 financial year, NBCC's net profit increased to Rs 311.13 crore from Rs 278.27 crore in the previous year.
NBCC has been executing many landmark projects as a PMC which contributes to about 85 percent of its annual revenue. The segment being the Company’s core strength, the areas covered under its umbrella include roads, hospitals and medical colleges, institutions, offices, airports, bridges, industrial and environmental structures etc.
The Real Estate segment of the PSU which came into being in 1988, mainly executing commercial real estate projects has undergone a sea change operation wise.
NBCC’s success in implementation of the government’s New Moti Bagh Re-development Project, has earned it a huge dividend in the form of awarding of another Rs.5000 crore project in similar lines, named - East Kidwai Nagar Re-development (New Delhi) to the Company which is under implementation at present.
Apart from redevelopment, the other category of the real estate also holds a great promise for the future of the PSU as it has about 30 residential and commercial real estate projects presently going on at various locations of the country and more are coming up with huge investments.
NBCC has recently taken over Kolkata-based Hindustan Steelworks Constructions Ltd (HSCL), a loss-making PSU struggling to repay massive debt to the government and banks.
NBCC board has approved and requested for restructuring which means NBCC will not take burden of any loan and interest part of the company except may be few crores rupees, reveals NBCC CMD Dr. Anoop Kumar Mittal.
HSCL, which reported a net loss of Rs 8 crore in FY15 on a turnover of Rs 1,520 crore, owes Rs 1,475 crore to the government, thanks to the latter funding the PSU’s 2001-03 voluntary retirement scheme. In addition, it owes R518 crore to banks.Earlier, NBCC secured orders of Rs 17,516.53 crore in 2015-16 including Rs 2,149-crore from the Indian Trade Promotion Organisation (ITPO) for redevelopment of exhibition venue at Pragati Maidan and Rs 5,828 crore redevelopment project from AIIMS.
NBCC will construct the Capital’s first 100-storey building in Karkardooma, East Delhi, during the next two to three years.
DDA awarded 75 acres of land in Karkardooma to NBCC for joint development, the state-owned developer is now in the process of laying down its plan for the “East Delhi Hub” project that will be based on the Transit Oriented Development (TOD) norms and “smart city” principles.