NBCC (India) shares jumped over 4% on Wednesday, May 29, after the company reported strong quarterly results for March 2024. The stock closed at ₹142, up from ₹138 the previous day.
The state-owned construction company saw a 24.6% year-on-year increase in net profit, reaching ₹141.5 crore, and a 43% year-on-year rise in revenue, totaling ₹4,025 crore for the quarter.
NBCC’s EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortization) rose to ₹240.2 crore in the fourth quarter of FY24, up from ₹104.5 crore in the same period last year. The EBITDA margin improved to 6% from 3.7%.
At 9:30 am on Wednesday, NBCC shares opened 4.17% higher at ₹144.80 per share. This year, the stock has surged about 72%, significantly outperforming the Nifty 50, which has risen nearly 5%. Over the past year, NBCC shares have jumped over 233%.
The NBCC board also proposed a final dividend of ₹0.63 per equity share for FY24, pending approval at the annual general meeting. If approved, the dividend will be paid within 30 days after the AGM.
NBCC (India) operates under the Ministry of Housing and Urban Affairs and is involved in project management consultancy, engineering procurement and construction, and real estate development.
Vaishali Parekh from Prabhudas Lilladher recommends buying the stock with a target price of ₹159 and a stop loss at ₹124.
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