NBCC net profit up by 57 per cent in Q3

NEW DELHI: The National Buildings Construction Corporation ( NBCC) registered a 57 per cent rise in its consolidated net profit at Rs 56.60 crore during the third quarter of the current fiscal as compared to the corresponding period last year.

Its earnings have increased by 39.65 per cent at Rs 1,000. 23 crore during October-December of the fiscal 2013-14.

"Our business outlook for the future appears bright," said Anoop Kumar Mittal, Chairman-cum-Managing Director of NBCC.

"However, we are now planning to increase the share of our real estate segment to 30 per cent from the meagre 15 per cent in the current fiscal," he added.

NBCC, a PSU under the Urban Development Ministry, has massive plans to aggressively tap the real estate market by constructing residential and commercial projects in the main cities across the country.

"Real estate projects are to come up on land procured by NBCC at different locations," Mittal said.

NBCC is involved in developing residential as well as commercial properties in Delhi-NCR and in cities like Meerut, Bhubaneswar, Faridabad, Kochi, and Patna.