NBCC (India) shares rise after in-principle approval for Dubai subsidiary

NBCC (India) has notified the stock exchanges it has accorded the in-principle approval for the incorporation of a wholly owned subsidiary in Dubai subject to the approval of the Ministry of Housing and Urban Affairs.

Shares of the company were trading over 5% higher on Monday.

Last week, NBCC said it secured significant business during fiscal year 2024 (FY24). The firm secured record new works of ₹23,500 crore on a consolidated basis, registering over 250% year-on-year (YoY) growth. On a standalone basis, the company has secured ₹18,400 crore worth of business, it said.

During the fiscal year, the company secured additional floor area ratio (FAR) works in Amrapali worth approximately ₹10,000 crore and its first re-development project outside of Delhi that involved the Kerala State Housing Board (KSHB) project valued at ₹2,000 crore. The firm also diversified into the agri-infrastructure sector through the construction of grain storage with an approximate value of ₹1,500 crore.

NBCC said it has successfully completed about 19,000 units in Amrapali in three years and is committed to delivering another 19,000 units before March 2025. The company along with the Aspire team has achieved sales of over 6,300 units in Amrapali Projects with a total sale value of more than ₹3,650 crore.

At WTC Nauroji Nagar, the company sold commercial real estate inventory valuing approximately ₹6,500 crore during the fiscal. During FY24, the company awarded works of approximately ₹9,800 crore pertaining to different projects, registering a growth of about 62%.

During the third quarter of FY24, the company reported a turnover of ₹1,914.10 crore on a standalone basis, registering a growth of 21.59% YoY. Net profit jumped 93.06% YoY to ₹93.67 crore.

Shares of the company have risen over 74% since the beginning of the year. The stock has gained over 256% in the last one year.