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NBCC to develop Amrapali housing projects worth ₹400 crore in Chhattisgarh and Kerala
KV Prasad Jun 13, 2022, 06:35 AM IST (Published)
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Summary
The Supreme Court had in July 2019 engaged NBCC as project management consultant to complete the projects of the Amrapali group in Noida and Greater Noida, after homebuyers filed a petition demanding delivery of their flats in projects that were launched in 2010. Shares of NBCC (India) Ltd ended at ₹135.85, up by ₹7.35, or 5.72%, on the BSE.
State-owned construction firm NBCC (India) Ltd on Wednesday (May 8) said it has secured projects worth ₹400 crore in the normal course of its operations.
The company revealed that it has been entrusted with these projects by the court receiver of the Supreme Court of India, according to a stock exchange filing.
The projects include the development of Amrapali Vananchal City in the Bhilai, Chhattisgarh, and Amrapali Cosmos in Aluva, Ernakulam district of Kerala.
The Chhattisgarh project is valued at ₹250 crore, while the one in Kerala has a value of ₹150 crore.
The Supreme Court had in July 2019 engaged NBCC as project management consultant to undertake completion of dormant projects of the Amrapali group in Noida and Greater Noida, after homebuyers through a petition demanded the delivery of their flats in projects that were launched in 2010, according to a report in The Hindustan Times.
The promoters of this group are currently in Tihar jail for various offences, including that of cheating, criminal breach of trust and money laundering, among others. Court receiver R. Venkatramni is controlling the firm on the apex court’s directions, the report stated.
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NBCC (India) reported a 60.2% year-on-year (YoY) jump in net profit at ₹110.7 crore for the third quarter that ended December 31, 2023. In the corresponding quarter last year, NBCC (India) posted a net profit of ₹69.1 crore.
The company’s revenue from operations increased 13% to ₹2,412.6 crore against ₹2,135.8 crore in the corresponding period of the preceding fiscal.
At the operating level, 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. EBITDA is earnings before interest, tax, depreciation, and amortisation.
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Shares of NBCC (India) Ltd ended at ₹135.85, up by ₹7.35, or 5.72%, on the BSE.
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