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On February 29, NBCC experienced an increase in its stock value following the successful execution of an e-auction for approximately 61,000 sqft of commercial space in Ayurvigyan Nagar, New Delhi. The project was sold at a basic price of INR 36,000 per sqft, totaling INR 272.68 crore, with Grid Controller of India Ltd securing the deal. This commercial space is part of NBCC's redevelopment project for AIIMS Delhi, with proceeds earmarked for constructing housing for AIIMS faculty and staff. Dubbed "Grande Rue," the project features three basement levels for parking 150 cars and comprises ground plus 3 storeys of commercial space.
Additionally, NBCC's wholly-owned subsidiary, HSCC (India), secured a significant contract worth INR 459.70 crore for the development of a 600-bed General Hospital, a 250-bed Government Cancer Hospital, and a 250-bed Super Specialty Hospital in Kolhapur, Maharashtra, awarded by DMER, Maharashtra.
In the quarter ending December 2023, NBCC witnessed a substantial 60 percent surge in net profit, amounting to INR 110.74 crore. The company also attained in-principle approval from the Greater Noida Authority earlier this month for developing unused and purchasable FAR to further existing projects of Amrapali, valued at INR 10,000 crore. Furthermore, NBCC clinched three additional orders totalling INR 369.05 crore.
This string of achievements highlights NBCC's hold in real estate development and infrastructure projects. The successful e-auction of commercial space in New Delhi reflects investor confidence in NBCC's strategic initiatives and shows its commitment to delivering value and driving growth in the sector. The utilisation of proceeds from the sale for constructing housing for AIIMS Delhi personnel aligns with NBCC's mission to contribute to community development and welfare through its projects.
Moreover, the contract awarded to HSCC (India) for the development of hospitals in Maharashtra highlights NBCC's diversification into healthcare infrastructure, tapping into emerging opportunities in the sector. The impressive financial performance in the last quarter reflects NBCC's strong operational capabilities and strategic management, positioning it for sustained growth and success in the future.
Overall, NBCC's recent achievements demonstrate its ability to navigate diverse projects across sectors while delivering value to stakeholders and contributing to national development goals.
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