NBCC signs MoU with HUDCO for ₹600 crore project in Noida

State-owned construction firm, NBCC (India) Ltd on Wednesday (November 27) said it has entered into a memorandum of understanding (MoU) with Housing & Urban Development Corporation Ltd (HUDCO) for the development of a 10-acre institutional plot in Noida Sector 62.

NBCC will act as the project management consultant. The project has an estimated cost of ₹600 crore.

“This is to inform you that NBCC (India) Limited has signed an MoU with HUDCO for the development of a 10-acre institutional plot at Noida sector-62 as a Project Management Consultant. The tentative cost of the project is ₹600 crore approx.,” NBCC (India) said in a regulatory filing.

Also Read: NBCC wins order worth ₹316 crore from Odisha government

NBCC reported its September quarter results on November 13, with the numbers higher on some parameters on a year-on-year (YoY) basis. But its margins saw a contraction compared to last year.

NBCC’s net profit for the quarter increased 52.8% YoY to ₹125.1 crore from ₹81.9 crore. Revenue for the period increased to ₹2,458.7 crore from ₹2,085.5 crore during the year-ago period, up 19.4%.

The company’s earnings before interest, tax, depreciation and amortisation (EBITDA) for the quarter stood at ₹100 crore, which was 4.6% higher than the same quarter last year. EBITDA margin, however, narrowed on a YoY basis by 50 basis points to 4.1% from 4.6% during the same period last year.

Also Read: NBCC bags multiple construction orders worth nearly ₹450 crore

Shares of NBCC (India) Ltd ended at ₹95.70, up by ₹1.12, or 1.18%, on the BSE.