NBCC bags contract worth Rs 968 crore in Maldives

NBCC (India) said that it has secured a work order for the construction of 2000 social housing at Hulhumale, Male, Maldives on engineering procurement and construction (EPC) basis.

Sep 25, 2021 10:09 IST capital market

The total cost of the project is $130 million, which is approximately Rs 968.50 crore. The announcement was made after market hours yesterday.

With the signing of loan agreement between Fahi Dhiriulhun Corporation (FDC) and Exim Bank of India on 23 September 2021, NBCC has been entrusted with the task of constructing 2000 social housing units in Hulhumale under buyers credit.

It is worth highlighting that this prestigious project is the biggest ever overseas work secured by NBCC, the company reportedly said.

NBCC (India) provides civil engineering construction services. The firm operates through three segment viz., project management consultancy (PMC), real estate development & engineering, procurement and construction (EPC). As of 30 June 2021, the Government of India held 61.75% stake in the company.

The companys consolidated net profit surged to Rs 35.80 crore in the quarter ended June 2021 as against Rs 5.93 crore during the previous quarter ended June 2020. Net sales increased by 103.80% to Rs 1379.64 crore in Q1 FY22 from Rs 676.95 crore in Q1 FY21.

The scrip fell 1.91% to end at Rs 46.30 on the BSE on Friday.

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