 "NBCC")
State-owned construction firm NBCC is expecting 25 per cent growth in revenue this fiscal to nearly Rs 8,000 crore helped by execution of new contracts like the redevelopment of the Pragati Maidan exhibition centre in New Delhi.
The company is targeting to secure new orders worth Rs 25,000 crore this financial year, its CMD Anoop Kumar Mittal said, while highlighting the company bagged a major contract last month to redevelop 10 railway stations across the country.
"We are expecting 25 per cent growth in revenue during this fiscal, mostly from project management consultancy and EPC contracting," Mittal told PTI.
NBCC, which is under the administrative control of the urban development ministry, posted a net profit of Rs 354.51 crore on a turnover of Rs 6,313 crore during 2016-17 fiscal and is a zero-debt firm.
Mittal said the company currently has an order book of over Rs 70,000 crore and is expecting to secure new orders of Rs 25,000 crore this fiscal.
"We have already bagged redevelopment of 10 railway stations. The detailed project report is still to be prepared but cost should be about Rs 5,000 crore. We will be getting 8-9 per cent as project management fees," he said.
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The stations to be taken up for redevelopment are Tirupati, Sarai Rohilla (Delhi), Nellore, Puducherry, Madgaon, Lucknow, Gomtinagar, Kota, Thane (New) and Ernakulam.
Highlighting the ongoing projects, Mittal said the NBCC is undertaking mega redevelopment projects at East Kidwai Nagar, Nauroji Nagar, Sarojini Nagar and Netaji Nagar in the national capital. It has bagged the project to redevelop Pragati Maidan here.
NBCC's CMD said the company was looking for projects in Uttar Pradesh where it does not have much presence.
Earlier this month, NBCC entered into an agreement with the South Delhi Municipal Corporation (SDMC) to construct an office building here at a cost of Rs 525 crore.
Apart from the domestic market, NBCC is actively looking for projects in overseas markets and is targeting at least Rs 1,000 crore new orders. The company has projects in countries like Maldives, Mauritius and Oman.
"We have recently bought one-acre land from Air India in Mauritius for Rs 3 crore. We will be developing a housing project on this site," Mittal said.
He said the company has established two new subsidiaries NBCC International and NBCC Environment Engineering Ltd to focus on overseas business and projects in the environment sector.
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
