NBCC SIGNS ANNUAL MoU WITH MINISTRY FOR FY 2019-20

Sarkaritel
By Sarkaritel June 3, 2019 19:32

NBCC SIGNS ANNUAL MoU WITH MINISTRY FOR FY 2019-20


NBCC (India) Ltd., a Navratna CPSE under the Ministry of Housing and Urban Affairs (MoHUA), Govt. of India, has signed Memorandum of Understanding (MoU) for the FY 2019-20 with its administrative Ministry today.  The signed MoU outlines performance targets for the Company based on various financial parameters, dynamic parameters, sector specific and enterprise specific parameters. Sales turnover of the company has been fixed at Rs. 9,500 crore and operating profit has been targeted at 5% of revenue from operations (net). Profit After Tax (PAT) has been targeted as 27% of Average Net Worth.

Further, this year’s MoU has laid specific emphasis on achieving set parameters with respect to completion of projects above Rs. 150 crore without time overrun. Among other additional parameters significant to the MoU, include new orderbook target, return from three subsidiaries of the company, Human Resource Management and procurement of large number of overseas orders.

The annual MoU has been signed by Shri Durga Shanker Mishra, IAS, Secretary (HUA), Govt. of India, on behalf of the MoHUA and Shri Shiv Das Meena, CMD, NBCC, on behalf of NBCC. Senior Executives from the Ministry and NBCC were also present on the occasion.

Giving broad outlook to the Company’s future operations and growth scale, CMD, NBCC said that NBCC is aggressively focusing upon project implementation to convert the projects in-hand into deliverables, thereby enhancing its brand value.  Capitalising on new market opportunities by strengthening its core competencies, pursuing high-value projects in domestic and overseas markets and diversifying into new areas of operation, NBCC is poised to achieve enviable heights this year onwards.

During the FY18-19, NBCC (India) Ltd. has registered a turnover of Rs. 7,141.60 crore (21.63% growth over previous year) and net profit of Rs. 384.11 crore (an increase of 15.14% over previous year).

Sarkaritel
By Sarkaritel June 3, 2019 19:32