NBCC (India) Ltd shares plunged as much as 14% in intraday trade on Friday, i.e. 9 August, after the company posted disappointing set of numbers for the first quarter ended June (Q1).
At 10:57 am, the NBCC stock was trading at Rs 35.60, down 10.4%, on BSE after hitting an intra-day low of Rs 34.05, its 52-week low. The stock has corrected nearly 50% in the last one year.
NBCC said its net profit in the June quarter declined 39% year-on-year to Rs 51 crore against Rs 82.85 crore in the year-ago period.
Brokerage house ICICI Direct had earlier said it was expecting NBCC to report a net profit of Rs 75.5 crore in the June quarter.
The company reported a total consolidated net income of Rs 1,941.73 crore for the June quarter, down 16% from Rs 2,307.81 crore recorded
in the same quarter last year.
NBCC’s operational revenue during the June quarter also fell 16% to Rs 1,886 crore from Rs 2,252 crore a year ago mainly dented by the its real estate business. The realty division’s revenue was down by a whopping 96% to Rs 5 crore from Rs 130 crore in the year-ago quarter, while profit before tax and interest was a tepid Rs 14 lakh compared with Rs 68 crore.
The NBCC board also recommended a final dividend of Rs 0.65 per equity share on a face value of Rs 1 per equity share for FY19.
NBCC (India) is a public sector company with operations organized into three market focused segments: project management consultancy, engineering procurement and construction (EPC) and real estate.
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Source: News18