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During Q1 of 2023, NBCC (India) witnessed an impressive surge of 176.47 percent in its net consolidated profit. The company reported a profit after tax of Rs 113.63 crore in the fourth quarter of the fiscal year 2022–23, an increase from the Rs 41.10 crore it earned in the same quarter of the preceding fiscal year, according to a BSE filing by the company.
In Q4 FY23, NBCC (India) generated a net total income of Rs 2,843.09 crore, which reflects a 13.89 percent increase from the Rs 2,496.44 crore it earned in the corresponding period of the previous year. The board of directors has proposed a final dividend pay-out of 54 percent. In the fiscal year 2022–23, each paid-up equity share with a face value of Rs 1 may receive Rs 0.54 with a possible TDS deduction. The company has set aside funds to pay interest on the refund of principal amounts owed to customers for the Jaipur project, totalling Rs 5.21 crore until March 31, 2023.
The team has developed a shared housing property initiative in Kochi, Kerala, which encompasses 3,20,216 square feet of residential space and 4,424 square feet of commercial space. As of March 31, 2023, the group had spent approximately Rs 87.19 crore on construction expenses. The project's progress towards making a sale is currently halted due to a lack of environmental clearance (EC) and other essential regulatory authorizations.
The project has obtained its RERA registration by utilizing the documents that are currently accessible. The team is anticipating the prompt reception of EC since they are in the progressive phase of the process. The Terms of Reference (TOR) were acquired on November 3, 2022, to provide the necessary data and reports to the State Environment Impact Assessment Authority (SEIAA) so that they could approve the plan.
The assessment of damages was presented on November 23, 2022, and deliberated upon during the 137th meeting of the State Expert Appraisal Committee (SEAC) on January 24th and 25th of 2023 before granting the EC. In regards to obtaining environmental clearance (EC), both the SEAC chairman and a member visited and assessed the project site on March 31st, 2023.
In the 142nd SEAC meeting held on May 11, 2023, the topic of discussion was the case of EC as per the inspection findings. According to the meeting minutes released on May 24, 2023, SEAC has requested a revised EIA and a damage assessment strategy be submitted via the Parivesh portal. A plan for evaluating the harm caused is being formulated, taking into account a penalty of 1 percent of the project's overall cost, which is Rs 87.90 lakh.
The fine imposed could be subject to modification depending on the SEAC committee's verdict during the hearing. Upon finalization of the penalty by the SEAC committee, the group is required to submit a bank guarantee for the full amount of the penalty. According to the regulatory filing, it will be used continuously for three years as per SEAC's guidance and recorded according to accounting principles.
Established as a government entity in 1960, the organization was formed. NBCC, an Indian civil engineering company based in Delhi, has recently achieved Navratna CPSE status and has cemented its position as the dominant player in the construction industry thanks to its expert abilities, creative methods, unwavering commitment to quality, punctual project completion, and dedicated staff.
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