NCC Secures Contracts Worth Rs 8,398 Crore, Stock Rises 2%

1 Sep 2023 , 02:25 PM

NCC’s stock surged by 2 % in morning trade on September 1 following the company’s announcement of securing four contracts worth Rs 8,398 crore in August. The contracts, awarded to NCC’s electrical division, involve electrical metering and distribution projects.

The first two contracts, valued at Rs 5,755 crore, are from the Maharashtra State Electricity Distribution Corporation and are related to advanced metering infrastructure projects, to be executed on a design, build, finance, own, operate transfer basis.

Another contract was received from the North Bihar Power Distribution Corporation, also for an advanced metering infrastructure project. The fourth contract, worth Rs 319 crore, was awarded by the Bangalore Electricity Supply Company and pertains to the upgradation of its distribution automation system.

In its Q1 results, NCC reported a 31.88 % YoY rise in revenue from operations, reaching Rs 4,380 crore. The net profit for the quarter increased by 34.30 % YoY, amounting to Rs 184 crore, while the operating profit margin remained at 9 %.

NCC, formerly known as Nagarjuna Construction Company, is headquartered in Hyderabad and specializes in infrastructure projects spanning transportation, housing, water, and power sectors.

For feedback and suggestions, write to us at [e-mail]