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HomeNewsTop NewsNBCC (India)'s net profit declines 16.19% in Q2 FY24

NBCC (India)’s net profit declines 16.19% in Q2 FY24

NBCC (India)'s net consolidated total income stood at Rs 2,129.09 crore in Q2 FY24, a growth of 2.66 per cent from Rs 2,073.89 crore it recorded in the similar quarter last year.

 NBCC (India) has reported a decline of 16.19 per cent in its net consolidated profit during the quarter ended September 30, 2023. It’s profit after tax stood at Rs 81.90 crore in Q2 FY24 as against Rs 97.72 crore it registered in the corresponding quarter of the previous fiscal, the company said in a BSE filing.

The company’s net consolidated total income stood at Rs 2,129.09 crore in Q2 FY24, a growth of 2.66 per cent from Rs 2,073.89 crore it recorded in the similar quarter last year.The final dividend of Rs 0.54 per fully paid up equity share of Re 1 each for the year 2022-23 was approved in annual general meeting held on September 26, 2023.

The group developed a residential real estate project at NBCC Green View, Sector – 37 D, Gurugram. The occupancy certificate (OC) of the project was received in the year 2017-18. Group has sold 392 units (255 flats, 126 EWS and 11 shops) out of 942 units and had received total amount of Rs 210.12 crore out of which Rs 159.57 crore were recognised as revenue in the previous years and Rs 40.48 crore were booked as advance from allottees till March 31, 2022.

Subsequently, the buildings in the project exhibited structural cracks. Group received many complaints and representation from some of home buyers. Group appointed IIT Delhi to look into the matters. IIT Delhi vide its report dated October 06, 2021 inter-alia advised that the buildings must be vacated within two months in view of safety of the occupants and further advised to get the feasibility of repairs re-examined.

The board in its meeting held on August 18, 2023 decided to reconsider the same in order to arrive at an amicable settlement. Accordingly, the board has accorded in principal approval to settle with all the homebuyers/allottees by way of buyback of their flats/units by paying the total amount received from the remaining allottees against sale of flats/units amounting to Rs.195.39 crore and the cost of stamp duty & registration charges paid by them amounting to Rs 9.11 crore and simple interest @ 6% per annum on the total receipts (excluding stamp duty and registration charges) amounting to Rs 105.79 crore reckoned from date of receipt of each payment made UII the approval date i.e. August 18, 2023.

In addition to this Rs 12.24 crore (approx.) estimated to be incurred towards cost of Stamp duty & registration charges for execution of title deed of flats/units in the favor of group. Accordingly, the group in its submission to the National Consumer Disputes Redressal Commission (NCDRC) on October 06, 2023, submitted its willingness to refund the entire amount received from complainants with simple interest @ 6% per annum from the date of respective deposits.

Further, during the quarter ended on September 30, 2023, group has spent total amount of R 3.41 crore (Rs 1.84 crore for buyback of flats/units & Rs 1.57 crore against refund of advance received from allottee). The proportionate Net Realizable Value (NRV) to the units/flats received against this payment is Rs 37.18 lakh.

During the six months ended on September 30, 2023, group has spent total amount of Rs 9.55 crore (Rs 7.63 crore for buyback of flats/units & Rs 1.92 crore against refund of advance received from allottee). The proportionate Net Realizable Value (NRV) to the units/flats received against this payment is Rs 2.09 crore.

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