National Buildings Construction Corporation (NBCC) presented a Dividend Cheque of Rs.108 cr for 2015-16 to Minister of Urban Development Shri M.Venkaiah Naidu.
Complimenting NBCC for sustained increase in turn over and profits over the last few years, Shri Naidu asked the company management to further expand and diversify its business profile by forging partnerships with State Governments and other agencies. He welcomed NBCC’s initiative for setting up a Non-Banking Finance Company. The Minister also directed the management to immediately initiate action on seven redevelopment projects in Delhi entailing an investment of about Rs.35,000 cr, recently approved by the Union Cabinet. Shri Naidu discussed in detail the progress of ongoing projects and future initiatives of NBCC.
Shri A.K.Mittal, Chairman and Managing Director of NBCC informed the Minister that among various initiatives under consideration, the company is keen to float a Non-Banking Finance Company (NBFC) to finance growing business. He said that the company has acquired new project orders for Rs.17,516 cr during 2015-16 and with total work orders of over Rs.70,000 cr, NBCC is the second largest construction company in the country. the company has declared a total dividend of Rs.120 cr for 2015-16.
NBCC has recorded the highest revenue of Rs.5,838 cr during 2015-16, marking an increase of 32% over the previous fiscal. Profit After Tax during last fiscal was Rs.311 cr registering an increase of 12% over 2014-15. Market capitalization has increased from Rs.1,706 cr in April, 2013 to Rs.16,836 cr in October this year, Shri Mittal said.
Shri Rajiv Gauba, Secretary (Urban Development), senior officials of the Ministry and NBCC were presenting on the occasion of presentation of Dividend Cheque.