NBCC (India) share price jumped over 4 per cent on Wednesday, May 29, following the release of the company’s strong quarterly results for the period ending in March 2024.
The stock ended in green, closed at ₹142 on May 29, against previous at ₹138 per share on Tuesday.
The state-owned construction company reported a 24.6 percent year-on-year increase in net profit, reaching ₹141.5 crore, and a 43 percent year-on-year surge in revenue from operations, totaling ₹4,025 crore for the reviewed quarter.
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At the operational level, NBCC’s EBITDA rose to ₹240.2 crore in the fourth quarter of FY24, compared to ₹104.5 crore in the same period of FY23. The EBITDA margin improved to 6 percent from 3.7 percent in the previous fiscal’s corresponding quarter.
At 9:30 am on Wednesday, the NBCC shares opened 4.17 per cent higher at ₹144.80 per share. This year, the stock has surged approximately 72 percent, significantly outperforming the benchmark Nifty 50, which has risen nearly 5 percent during the same period. NBCC stock has yielded returns of over 233.33 per cent in the last one year.
The board of directors of NBCC also proposed a final dividend of ₹0.63 (0.63 per cent) per paid-up equity share of Re 1 each for the fiscal year 2024, pending approval by shareholders at the upcoming annual general meeting. If approved, the dividend will be distributed within 30 days following the AGM.
NBCC (India) is a public sector enterprise operating under the Ministry of Housing and Urban Affairs, Government of India. Its operations include project management consultancy (PMC), engineering procurement and construction (EPC), and real estate development.
Vaishali Parekh from Prabhudas Lilladher advises investors to purchase the stock, aiming for a potential target of ₹159, with a stop loss set at ₹124.
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Published: 29 May 2024, 04:27 PM IST
