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NBCC REPORTS 14.33% RISE IN NET PROFIT FOR FINANCIAL YEAR 2017-18

May 28th, 2018 1:21 pm | By | Category: LATEST NEWS

Dr. AK Mittal, CMD, NBCC (I) Ltd.

Dr. AK Mittal, CMD, NBCC (I) Ltd.


(THE NEWSMAN OF INDIA.COM)
New Delhi, 28 th May, 2018: NBCC (India) Ltd., the State-owned NavratnaEnterprise under the Ministry of Housing and Urban Affairs, today announced its Audited finance results for the quarter and financial year ended March 31, 2018. For the financial year ended March 31, 2018, the company has reported a consolidated net profit of Rs. 372.14 crore as against net profit of Rs. 325.49 crore during the previous financial year, representing a healthy growth of 14.33per cent. The consolidated total income for the financial year 2017-18 stood at Rs. 7095.91 crore as compared to Rs. 7575.35 crore in the previous year.

NBCC’s consolidated employee benefit and expenses for entire year rose 30% year- on-year to Rs 326.39 crore on account of the seventh pay commission revisions.
The Board of Directors has recommended a final dividend of Rs. 0.56 per equity share on face value of Rs 1.00 per equity share (post-split) for the financial year 2017-18. The Board had earlier on March 8, 2018, declared an interim dividend of Rs 0.55 per equity share on face value of Rs 2.00 per equity share (pre-split). For the quarter ended March 31, 2018, the Company’s consolidated total income stood at Rs. 2598.18 crore as against Rs. 2671.17 crore of Q4 of the previous year. The net profit for the period stood at Rs. 150.41 crore as compared to Rs. 166.62 crore in the corresponding quarter in the previous year. Post applicability of Goods & Services Tax (GST) with effect from July 1, 2017, Excise Duty, CST, Entry Tax, Works Contract Tax (WCT) and Service Tax etc. have been replaced by GST. In accordance with the Ind AS-18 on Revenue and Schedule III of companies Act 2013, GST is not to be included in revenue from operations and the same is disclosed net of GST. Accordingly in view of restructuring of the indirect taxes, the revenue from operations and expenses for the quarter/year ended March 31, 2018 are not comparable with the previous periods presented in the results, to that extent. Commenting on the results, Dr. Anoop Kumar Mittal, CMD, NBCC said, “With the current Government’s focus on infrastructure growth, we firmly believe that NBCC has a huge opportunity to attain robust growth. The company is all geared up to make a huge leap forward by involving itself in the various business activities. This year we have achieved key milestones that help us to ensure sustainable infrastructure development of the country in years ahead. The company’s initiatives during the year, which include, higher capacity utilization, cost reduction measures
and impetus to high-value projects, are expected to propel the Company on a growth trajectory in the coming quarters.” Starting with a market capitalization of approximately Rs. 1,165 Crore at the time of its listing with the stock exchanges in April 2012, NBCC's current market cap now stands at Rs 17,621 Crore as on date. “Transition to GST, implementation of RERA and the Insolvency and Bankruptcy
Code demonstrate the Government’s will to carry out structural reforms to boost growth and bring in financial prudence and propriety. All these measures along with a faster implementation of supportive policies, are likely to be the vital levers of growth in a favourable economic environment and bodes well for the future of Indian economy.”, added Dr. Mittal.

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