NCC profit falls 41% in Q2
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Hyderabad: Construction firm NCC Ltd reported a 41.3 per cent decline in its consolidated net profit at Rs 77.34 crore in July-September quarter (Q2) of financial year 2023-24, as against Rs 131 crore in the corresponding quarter previous fiscal, the company said in a statement.
The fall in the net profit can be attributed to the collapse of nearly 300 basis points in operating margins eroded benefits of higher execution during the quarter.
The company’s revenue from operations jumped 40 per cent to Rs 4,719.61 crore during the quarter as the company reaped the benefits of its record order wins witnessed in FY23.
NCC received its best-ever order inflows of about Rs 26,000 crore in FY23 on the back of higher outlay by the government under the National Infrastructure Pipeline (NIP). It had ended the last financial year with an order book of Rs 50,244 crore, the benefits of which will be seen in the company’s topline for the remainder of this fiscal.
NCC continued its streak of winning orders in Q2 FY24, as the company bagged orders worth Rs 12,289 crore taking its total order book to Rs 61,796 crore as of September 30, 2023.
