Shares of state-owned NBCC (India) Ltd rallied 5% on Thursday, February 22, after the company announced it had signed agreements with Housing and Urban Development Corporation (HUDCO) for consultancy services and asset monetisation activities.
In a stock exchange filing, the central public sector undertaking (PSU) said it has signed two Memorandums of Understanding (MoUs) with HUDCO on February 21, 2024.
As per the details of the two MoUs, NBCC will be involved in reinforcement of cooperation and collaboration for leveraging respective strength for the effective implementation of consultancy services and asset monetisation activities.
In a separate stock exchange filing on Wednesday, February 21, the company also informed the bourses that it had received an in-principle approval from the Greater Noida Authority to develop unused and purchasable floor area ratio (FAR) in furtherance of existing projects of Amrapali, valued at around ₹10,000 crore.
Earlier this week, the company also secured a work orderworth ₹560 crore from the National Institute of Technology (NIT) in Sikkim.
According to the contract details, NBCC (India) would be involved in the construction of the permanent campus of NIT Sikkim, located at Dung Dung Khamdong in the state’s capital city Gangtok.
The company reported a net profit of ₹110.7 crore in the December 2023 quarter, registering 60.2% year-on-year (YoY) from ₹69.1 crore in the same period last year. Its revenue from operations increased 13% to ₹2,412.6 crore as against ₹2,135.8 crore in the year-ago period.
At the operating level, the earnings before interest, taxes, depreciation, and amortisation (EBITDA) rose 23.2% to ₹117.3 crore in the third quarter of this fiscal over ₹95.2 crore in the corresponding period in the previous fiscal.
The EBITDA margin stood at 4.9% in the reporting quarter compared to 4.5% in the year-ago period.
Shares of NBCC India Ltd were trading 4.02% higher at ₹144.9 apiece on BSE at 12:30 PM
