Infrastructure development company NCC Ltd announced on Friday that it received new orders worth over ₹500 crore in November. The road construction firm informed the bourses on December 1 that it won two new orders worth ₹553.48 crore last month from a private agency.
The new orders have been received by the company’s building division. It does not include any internal orders. The said orders will be executed within 14 months from the date of the award.
The company also said that neither its promoters nor the promoter group companies have any interest in the entities that have awarded the project to NCC. Further, the new orders received last month do not fall under the purview of ‘Related Party Transactions’.
In November, NCC’s management sounded confident about FY24 revenue growth and order inflows at an analyst call. After releasing the quarterly earnings report for Q2FY24, the company management said that its order book surged 54% year-on-year to ₹61,800 crore.
In the September quarter, NCC’s fresh Q2 order inflow stood at ₹12,289 crore. The rise in order book was boosted by the smart meter order from Maharashtra, the company’s management stated.
The company’s management maintained the revenue growth guidance of 20% for FY24E, with an upside risk to order. At the analyst call, it projected order inflow to exceed by ₹3,000 crore to ₹4,000 crore than the ₹26,000 crore guidance for FY24.
The company’s revenue surged nearly 40% to ₹4,719.6 crore in the September quarter compared to ₹3,373.4 crore in the corresponding period a year ago.
Shares of the company were trading flat at ₹166.6 per piece, down 0.09% on BSE at 1:35 PM.
(Edited by : Ajay Vaishnav)
First Published: Dec 1, 2023 3:03 PM IST
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