NCC net dips 8% in Q2

Hyderabad-based construction firm NCC Limited has reported 7.7% decline in net profit at Rs 51.18 crore in the July-September quarter (Q2) of the financial year 2016-17 as compared to Rs 55.49 crore in the corresponding quarter of the previous year, the company said in a statement on Wednesday.

The total income from operations has decreased 7% at Rs 1,947.86 crore in Q2 of FY 17 when compared to 2,096.44 crore in the same quarter a year-ago. This is mainly due to the repayment of debt during the review period. It also has a target to reduce debt by Rs 100 crore and is likely to report a margin of 9.25-9.5% during the year.

It has secured orders worth Rs 5,356 crore in the first half of this year. It's ordered book stood at Rs 18,595 crore by the end of September, NCC managing director A Ranga Raju said in the statement.