{"id":148283,"date":"2023-05-31T09:39:00","date_gmt":"2023-05-31T13:39:00","guid":{"rendered":"https:\/\/44.250.171.167\/?p=148283"},"modified":"2023-06-02T09:49:11","modified_gmt":"2023-06-02T13:49:11","slug":"nbcc-india-ltd-nbcc-q4-fy23-earnings-concall-transcript","status":"publish","type":"post","link":"https:\/\/alphastreet.com\/india\/nbcc-india-ltd-nbcc-q4-fy23-earnings-concall-transcript\/","title":{"rendered":"NBCC India Ltd (NBCC) Q4 FY23 Earnings Concall Transcript"},"content":{"rendered":"

NBCC India Ltd (NSE: NBCC) Q4 FY23 Earnings Concall dated May. 31, 2023<\/span><\/strong><\/p>\n

Corporate Participants:<\/h2>\n

P.K. Gupta<\/strong> — Chairman-Cum-Managing Director<\/em><\/p>\n

Analysts:<\/h2>\n

Priyankar Biswas<\/strong> — Nomura — Analyst<\/em><\/p>\n

Rohit Natarajan<\/strong> — Antique Stock Broking — Analyst<\/em><\/p>\n

Unidentified Speaker<\/strong> —<\/p>\n

Nalin Shah<\/strong> — NVS Brokerage — Analyst<\/em><\/p>\n

Vasudev Ganatra<\/strong> — Nuvama Wealth — Analyst<\/em><\/p>\n

Pankaj Kumar<\/strong> — Kotak Securities — Analyst<\/em><\/p>\n

Presentation:<\/h2>\n

Operator<\/strong><\/p>\n

Ladies and gentlemen, good day and welcome to NBCC India Limited Q4 FY ’23 Earnings Conference Call hosted by Nomura. [Operator Instructions]<\/p>\n

I now hand the conference over to Mr. Priyankar Biswas from Nomura. Thank you and over to you, Mr. Biswas.<\/p>\n

Priyankar Biswas<\/strong> — Nomura — Analyst<\/em><\/p>\n

Thank you, Nirav [Phonetic] So, good afternoon, ladies and gentlemen. So, we welcome everyone to the fourth quarter FY ’23 results call for NBCC. So, NBCC is a leader in project management, engineering, and consultancy services. So, we have the management here today represented by Mr. P.K. Gupta, the CMD; Ms. B.K. Sokhey, Director – Finance; Mr. K.P. Mahadeva Swamy, Director – Commercial; Mr. Saleem Ahmed, Director -Projects; Mr. Rajendra Chaudhari, Senior Executive Director – Engineering; Mrs. Reshma Dudani, Executive Director – Engineering and Investor Relations.<\/p>\n

So, we thank the management for providing us with this opportunity and without any further delay, I’m handing over the floor to Mr. P.K. Gupta, the CMD, for his opening remarks. Over to you, sir.<\/p>\n

P.K. Gupta<\/strong> — Chairman-Cum-Managing Director<\/em><\/p>\n

Good afternoon and a very warm welcome to all the investors of NBCC. I’d like to share a few highlights of the financial year ’22, ’23, major happenings of this year. Our most important project and largest value project of Amrapali Housing, we had been awarded by Honorable Supreme Court, which is costing around INR8,200 crores. So, in this project, we have achieved a turnover of INR1,750 crores. That is about 25% of the total turnover of the company. We have successfully sold around 26 number of units already. And the sale value of these units is INR1,500 crores. Work on all the houses are going on. And by the end of ’24, we plan to complete this work.<\/p>\n

During — the year-end report that we got the loan from SBICAP and a consortium of seven banks and they have disbursed the money. And homebuyers are paying the amount successfully and some money is coming from the sold and unsold inventory. And as of now, project is running smoothly. In this project, we plan to get additional business of INR7,000 crores to INR8,000 crores. That is construction of additional SAR that is lying vacant in these projects. That is one highlight. And second is that our trademark project, World Trade Center in Nauroji Nagar, in this, we have sold inventory of INR2,100 crores during the financial year ’22, ’23. That is largest value sold in one financial year. And we hope that during the current financial year, complete inventory will be sold out. And this project is nearing completion and by September, we hope that this project will be complete.<\/p>\n

As far as financial highlights are concerned, the turnover that we have achieved is 21% more than the last year on year-to-year basis and it’s close to INR7,000 crores. And profit before tax, there is an increase of 31%. Profit before tax is INR312 crores, 31% more than the financial year. EBITDA margin has also improved substantially, as compared to 2.8% during ’21, ’22, we have achieved EBITDA margin of 4.5%. Consolidated profit before exceptional item, there is an increase of 40% increase, while after exceptional item is 31% increase. The order books of NBCC stands at INR45,000 crores which is roughly 50% is redevelopment projects and 50% is other PMC and EPC projects. And in the coming financial year, we are targeting a business development of INR12,000 crores to INR15,000 crores. And we are in discussions with various state governments and central government and PSUs for award works. Already signed an MOU with Zambia for construction of mass housing units, and we hope that this order will fructify shortly.<\/p>\n

Now I open the floor for questions. Our directors and myself, we are ready to answer the questions.<\/p>\n

Questions and Answers:<\/h2>\n

Operator<\/strong><\/p>\n

Thank you very much. We will now begin the question-and-answer session. [Operator Instructions] The first question is from the line of Rohit Natarajan from Antique Stock Broking. Please, go ahead.<\/p>\n

Rohit Natarajan<\/strong> — Antique Stock Broking — Analyst<\/em><\/p>\n

Yeah. Thank you for this opportunity. Sir, my first question has to do with be monetization part of the redevelopment projects. From what we know last time, it’s not more than INR6,000 crores of the total target of INR2,500 [Phonetic] crores. What is that possession looking like at this point in time?<\/p>\n

P.K. Gupta<\/strong> — Chairman-Cum-Managing Director<\/em><\/p>\n

Regarding redevelopment projects, our [Speech Overlap] that is World Trade Center and Downtown Sarojini Nagar. In World Trade Center, I already told that we have sold INR2,100 crores worth of properties during the last financial year. And this year, we plan to end up probably around INR5,000 crores worth of properties still to be sold. And we hope that this complete property will be sold during the current financial year. As far as the sale of Downtown Sarojini Nagar is concerned, we are launching a bulk sale for this property for which the required approval has been obtained. And the sale has already been launched, only thing is that something conditions have to be modified. And we hope that this bulk sale is successful total property worth INR1,350 crores will be sold.<\/p>\n

Rohit Natarajan<\/strong> — Antique Stock Broking — Analyst<\/em><\/p>\n

So, if I add up together, INR1,350 crores and maybe World Trade Center, INR2,100 odd crores…<\/p>\n

P.K. Gupta<\/strong> — Chairman-Cum-Managing Director<\/em><\/p>\n

INR2,100 crores is the value of the property sold during last financial year. Total value of this property is around INR12,000 crores.<\/p>\n

Rohit Natarajan<\/strong> — Antique Stock Broking — Analyst<\/em><\/p>\n

And how much you have realized till date for World Trade Center?<\/p>\n

P.K. Gupta<\/strong> — Chairman-Cum-Managing Director<\/em><\/p>\n

It’s INR6,300 crores worth of property has been sold.<\/p>\n

Rohit Natarajan<\/strong> — Antique Stock Broking — Analyst<\/em><\/p>\n

Okay. Sir, in terms of Amrapali project, how many — what are the remaining tenders to be done in FY ’24?<\/p>\n

P.K. Gupta<\/strong> — Chairman-Cum-Managing Director<\/em><\/p>\n

No, in Amrapali, we have done all the tenders. Only one tender of INR100 crores approximately for the remaining work — some additional works are required in some of the projects. Only that is to be done. Otherwise, all the tenders have been finalized and work is going on all the projects.<\/p>\n

Rohit Natarajan<\/strong> — Antique Stock Broking — Analyst<\/em><\/p>\n

And when was — when is this…<\/p>\n

P.K. Gupta<\/strong> — Chairman-Cum-Managing Director<\/em><\/p>\n

[Speech Overlap] one tender of around INR82 crores for some additional work in some of the projects.<\/p>\n

Rohit Natarajan<\/strong> — Antique Stock Broking — Analyst<\/em><\/p>\n

And when is this project expected to be fully completed, as in how much is you’re expecting [Speech Overlap]<\/p>\n

P.K. Gupta<\/strong> — Chairman-Cum-Managing Director<\/em><\/p>\n

By the end of ’24 this project is likely to be completed.<\/p>\n

Rohit Natarajan<\/strong> — Antique Stock Broking — Analyst<\/em><\/p>\n

How much would be the contribution to the standalone revenue, sir, for — from Amrapali?<\/p>\n

P.K. Gupta<\/strong> — Chairman-Cum-Managing Director<\/em><\/p>\n

Standalone revenue will be around INR8,000 crores since the time it started, 2021, ’21, ’22, ’22, ’23?<\/p>\n

Rohit Natarajan<\/strong> — Antique Stock Broking — Analyst<\/em><\/p>\n

No, in ’24, how much will be recognized?<\/p>\n

P.K. Gupta<\/strong> — Chairman-Cum-Managing Director<\/em><\/p>\n

’24, it should be around INR2,000 crores. Maybe a little more than that.<\/p>\n

Rohit Natarajan<\/strong> — Antique Stock Broking — Analyst<\/em><\/p>\n

Okay. Sir, if I can ask you on the subsidiary part, how much is the HSCC revenue and Hindustan Steel Works revenue? Similarly, the EBITDA and net profit for this full-year FY ’23?<\/p>\n

Unidentified Speaker<\/strong> —<\/p>\n

HSCC has achieved the turnover of INR1,100 crores and their PAT is INR23 crores. HSCL has achieved the turnover of INR791 crores and their PAT is also around INR23 crores. And one off our more subsidiary, NSS, INR177 crores turnover has been achieved and they have achieved the PAT of INR7 crores.<\/p>\n

Rohit Natarajan<\/strong> — Antique Stock Broking — Analyst<\/em><\/p>\n

Sure. My final question from my side. How — what is the total projects awarded at this point in time in the cumulative order backlog of INR45,000 crores?<\/p>\n

P.K. Gupta<\/strong> — Chairman-Cum-Managing Director<\/em><\/p>\n

Pardon? You want to know the…<\/p>\n

Rohit Natarajan<\/strong> — Antique Stock Broking — Analyst<\/em><\/p>\n

The projects awarded, total projects awarded from INR45,000 crores order backlog that you have in hand?<\/p>\n

P.K. Gupta<\/strong> — Chairman-Cum-Managing Director<\/em><\/p>\n

Total project — no, this INR45,000 crores is the value of work which has not been awarded. Apart from this, there are running projects of INR20,000 crores. But this INR45,000 crores is in addition, which have not been awarded.<\/p>\n

Rohit Natarajan<\/strong> — Antique Stock Broking — Analyst<\/em><\/p>\n

Okay. And sir, how much you have planned to award it in FY ’24?<\/p>\n

P.K. Gupta<\/strong> — Chairman-Cum-Managing Director<\/em><\/p>\n

INR10,000 crores to INR12,000 crores.<\/p>\n

Rohit Natarajan<\/strong> — Antique Stock Broking — Analyst<\/em><\/p>\n

Okay. That’s it from my side. Thank you.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. [Operator Instructions] Next question is from the line of Nalin Shah from NVS Brokerage. Please, go ahead.<\/p>\n

Nalin Shah<\/strong> — NVS Brokerage — Analyst<\/em><\/p>\n

Very good afternoon to everybody. I have two questions, sir, overall broad questions, that in spite of having a turnover, I mean, total, I would say, the revenue at something like almost INR8,000 crores, INR9,000 crores, why these last three years have been seeing that our PAT level margin is hardly about 3%, whereas all the last about two, two-and-half years, all the real estate companies are doing extremely well, even if you see your return on net worth, it is hardly anything which we have earning. So, what is the reason for such a pathetic, I think, performance?<\/p>\n

P.K. Gupta<\/strong> — Chairman-Cum-Managing Director<\/em><\/p>\n

Our PAT is 7.25%. PBT margin is 7.25%.<\/p>\n

Nalin Shah<\/strong> — NVS Brokerage — Analyst<\/em><\/p>\n

PBT margin, I’m seeing the 2023, our PAT is at INR238 crores. Am I right? On a top-line of INR7,884 crores, this is hardly 3%. Again, in the previous year also, I see it is 3% even on that one.<\/p>\n

Unidentified Speaker<\/strong> —<\/p>\n

I mean, last year, actually in these two years, we have to book some exceptional items due to which…<\/p>\n

Nalin Shah<\/strong> — NVS Brokerage — Analyst<\/em><\/p>\n

Like?<\/p>\n

Unidentified Speaker<\/strong> —<\/p>\n

…the PAT has been remains at the same level. Otherwise, if you will see our EBITDA margins, we see drastic change in our EBITDA margin from 2.82% to now we have achieved the 4.47%.<\/p>\n

Nalin Shah<\/strong> — NVS Brokerage — Analyst<\/em><\/p>\n

Correct. But I think in the overall context of the volumes, there is hardly any profitability.<\/p>\n

Unidentified Speaker<\/strong> —<\/p>\n

The PAT has [Speech Overlap]<\/p>\n

Nalin Shah<\/strong> — NVS Brokerage — Analyst<\/em><\/p>\n

Like if I see 3% margins, which you see, in many projects, in Mumbai, I’m talking of Mumbai because I’m more conversant with Mumbai, I mean, the real estate companies pay even 2% and 3% brokerages to the brokers, whereas we are earning hardly about 3%. What is the, I think, reason for such a poor profitability? It is because of the, I think, the tender system in which we are growing at very, very cheap rate we are quoting? That is the reason, or what is the reason?<\/p>\n

Unidentified Speaker<\/strong> —<\/p>\n

NBCC total revenue is from the project management consultancy work.<\/p>\n

Nalin Shah<\/strong> — NVS Brokerage — Analyst<\/em><\/p>\n

Correct.<\/p>\n

Unidentified Speaker<\/strong> —<\/p>\n

It constitutes around 95% of the total turnover, right?<\/p>\n

Nalin Shah<\/strong> — NVS Brokerage — Analyst<\/em><\/p>\n

Correct.<\/p>\n

Unidentified Speaker<\/strong> —<\/p>\n

Our real estate portion is hardly 2% to 3%, and rest is EPC. So, if you are comparing our turnover with the other developers in the Mumbai that is not the case, but definitely, our real estate projects have contributed this time a huge margin. Against the sale of INR195 crores, there is a gross margin of INR68 crores in the real estate projects. But that constitute a very small portion of our total revenue.<\/p>\n

Nalin Shah<\/strong> — NVS Brokerage — Analyst<\/em><\/p>\n

Exactly. So, my point is that only, that company is — if I see your net worth, your net worth, today what you are using, is almost about INR22,000 crores.<\/p>\n

Unidentified Speaker<\/strong> —<\/p>\n

Right.<\/p>\n

Nalin Shah<\/strong> — NVS Brokerage — Analyst<\/em><\/p>\n

So, we are hardly earning maybe even a little over 10% on that.<\/p>\n

P.K. Gupta<\/strong> — Chairman-Cum-Managing Director<\/em><\/p>\n

No, our net work is not INR23,000 crores.<\/p>\n

Unidentified Speaker<\/strong> —<\/p>\n

Our net worth is INR1,900 crores [Speech Overlap]<\/p>\n

Nalin Shah<\/strong> — NVS Brokerage — Analyst<\/em><\/p>\n

INR2,000 crores, approximately INR2,000 crores, I’m saying. INR2,000 crores.<\/p>\n

Unidentified Speaker<\/strong> —<\/p>\n

So, we have [Indecipherable] completed real estate inventory of INR674 crores, out of which we are focusing on that. Our network mainly constitutes that real estate [Foreign Speech]<\/p>\n

Nalin Shah<\/strong> — NVS Brokerage — Analyst<\/em><\/p>\n

Consultancy.<\/p>\n

Unidentified Speaker<\/strong> —<\/p>\n

Yeah. Right.<\/p>\n

Nalin Shah<\/strong> — NVS Brokerage — Analyst<\/em><\/p>\n

Okay.<\/p>\n

Unidentified Speaker<\/strong> —<\/p>\n

So, we still have the land bank of INR619 crores which will be developed in the coming years. We have the plans for that.<\/p>\n

Nalin Shah<\/strong> — NVS Brokerage — Analyst<\/em><\/p>\n

Okay.<\/p>\n

Unidentified Speaker<\/strong> —<\/p>\n

And we are going to rather develop at Patna initially, and then at Coimbatore and then might be at Jaipur.<\/p>\n

Nalin Shah<\/strong> — NVS Brokerage — Analyst<\/em><\/p>\n

Okay. And current year, I think you mentioned if I remember correctly, the order book stands at around INR45,000 crores. Am I right?<\/p>\n

P.K. Gupta<\/strong> — Chairman-Cum-Managing Director<\/em><\/p>\n

Yeah.<\/p>\n

Unidentified Speaker<\/strong> —<\/p>\n

Yes.<\/p>\n

Nalin Shah<\/strong> — NVS Brokerage — Analyst<\/em><\/p>\n

Total order book. So, what is the likely, I think, the execution part, which will, I mean, reflect into the top-line approximately?<\/p>\n

P.K. Gupta<\/strong> — Chairman-Cum-Managing Director<\/em><\/p>\n

In the current financial year ’24, top-line will be around standalone basis INR9,000 crores. That is what we are targeting.<\/p>\n

Nalin Shah<\/strong> — NVS Brokerage — Analyst<\/em><\/p>\n

Around INR9,000 crores? Okay. And do you see some improvement in margins, sir, on that?<\/p>\n

P.K. Gupta<\/strong> — Chairman-Cum-Managing Director<\/em><\/p>\n

Yes, with improvement in top-line because some of the expenditures are constant…<\/p>\n

Nalin Shah<\/strong> — NVS Brokerage — Analyst<\/em><\/p>\n

Right.<\/p>\n

P.K. Gupta<\/strong> — Chairman-Cum-Managing Director<\/em><\/p>\n

…we see an improvement.<\/p>\n

Nalin Shah<\/strong> — NVS Brokerage — Analyst<\/em><\/p>\n

Economies of scale will follow?<\/p>\n

P.K. Gupta<\/strong> — Chairman-Cum-Managing Director<\/em><\/p>\n

Yes.<\/p>\n

Nalin Shah<\/strong> — NVS Brokerage — Analyst<\/em><\/p>\n

Okay. Thank you. Thank you very much.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. [Operator Instructions] The next question is from the line of Vasudev from Nuvama Wealth. Please, go ahead.<\/p>\n

Vasudev Ganatra<\/strong> — Nuvama Wealth — Analyst<\/em><\/p>\n

Yeah. Thank you for the opportunity, sir. So, the INR45,000 crores of order book which you said, that is on standalone or consolidated basis?<\/p>\n

Unidentified Speaker<\/strong> —<\/p>\n

Standalone. That is on a standalone basis.<\/p>\n

Vasudev Ganatra<\/strong> — Nuvama Wealth — Analyst<\/em><\/p>\n

So, then in consolidated, what would be this figure?<\/p>\n

Unidentified Speaker<\/strong> —<\/p>\n

Consolidated is INR54,200 crores.<\/p>\n

Vasudev Ganatra<\/strong> — Nuvama Wealth — Analyst<\/em><\/p>\n

Okay. And the PMC and redevelopment would be same, 50-50?<\/p>\n

Unidentified Speaker<\/strong> —<\/p>\n

For standalone, yeah, it is.<\/p>\n

Vasudev Ganatra<\/strong> — Nuvama Wealth — Analyst<\/em><\/p>\n

And for the consolidated, it would be?<\/p>\n

P.K. Gupta<\/strong> — Chairman-Cum-Managing Director<\/em><\/p>\n

The rest of the companies are having only PMC. They are not having any redevelopment.<\/p>\n

Vasudev Ganatra<\/strong> — Nuvama Wealth — Analyst<\/em><\/p>\n

Okay.<\/p>\n

P.K. Gupta<\/strong> — Chairman-Cum-Managing Director<\/em><\/p>\n

You can say around 40% on consolidated basis is redevelopment and 60% is PMC.<\/p>\n

Nalin Shah<\/strong> — NVS Brokerage — Analyst<\/em><\/p>\n

Okay. Got it. Thank you. And what would be our order intake and ongoing work on consolidated basis for FY ’23?<\/p>\n

Unidentified Speaker<\/strong> —<\/p>\n

Please repeat your question.<\/p>\n

Vasudev Ganatra<\/strong> — Nuvama Wealth — Analyst<\/em><\/p>\n

So, what would be our order intake on consolidated basis for FY ’23? And as on March, how much is our ongoing work?<\/p>\n

Unidentified Speaker<\/strong> —<\/p>\n

[Foreign Speech]<\/p>\n

Priyankar Biswas<\/strong> — Nomura — Analyst<\/em><\/p>\n

Sir, your voice is not coming clearly. So, can you please repeat your question again?<\/p>\n

Operator<\/strong><\/p>\n

Vasudev, can you speak with the handset?<\/p>\n

Vasudev Ganatra<\/strong> — Nuvama Wealth — Analyst<\/em><\/p>\n

Hello. Am I audible now?<\/p>\n

Unidentified Speaker<\/strong> —<\/p>\n

Yes.<\/p>\n

Vasudev Ganatra<\/strong> — Nuvama Wealth — Analyst<\/em><\/p>\n

Yeah. So, I was asking that what is our order intake on a consolidated basis for FY ’23? And as on March ’23, how much is our ongoing work?<\/p>\n

P.K. Gupta<\/strong> — Chairman-Cum-Managing Director<\/em><\/p>\n

Our ongoing works are INR20,000 crores for NBCC and another INR5,000 crores for rest of the company, around INR25,000 crores. And as far as the inflow of orders is concerned, on consolidated basis, we received an order of INR6,500 crores in the financial year ’23.<\/p>\n

Vasudev Ganatra<\/strong> — Nuvama Wealth — Analyst<\/em><\/p>\n

Okay. And sir, for standalone, you guided for INR9,000 crores of revenue, so for consolidated basis, what would be our guidance for FY ’24 for revenue and EBITDA and PAT margins?<\/p>\n

P.K. Gupta<\/strong> — Chairman-Cum-Managing Director<\/em><\/p>\n

It will be around INR11,500 crores. Consolidated revenue will be INR11,500 crores. And EBITDA will be around 5%.<\/p>\n

Vasudev Ganatra<\/strong> — Nuvama Wealth — Analyst<\/em><\/p>\n

Okay. And PAT margins?<\/p>\n

Unidentified Speaker<\/strong> —<\/p>\n

That will also improve by the same ratio or you can say approximately 4 to 4.15 or so.<\/p>\n

Vasudev Ganatra<\/strong> — Nuvama Wealth — Analyst<\/em><\/p>\n

Okay. Then next is, how much have we sold in Sarojini Nagar in total in FY ’23?<\/p>\n

P.K. Gupta<\/strong> — Chairman-Cum-Managing Director<\/em><\/p>\n

In Sarojini Nagar, we sold property worth INR47 crores.<\/p>\n

Vasudev Ganatra<\/strong> — Nuvama Wealth — Analyst<\/em><\/p>\n

INR47 crores?<\/p>\n

P.K. Gupta<\/strong> — Chairman-Cum-Managing Director<\/em><\/p>\n

And we decided to go for bulk sale. So, we have launched a bulk sale where entire property will be sold in one go and we’ll receive a revenue of INR1,350 crores.<\/p>\n

Vasudev Ganatra<\/strong> — Nuvama Wealth — Analyst<\/em><\/p>\n

Okay. So, total, what is the value of real estate that was sold in FY ’23?<\/p>\n

P.K. Gupta<\/strong> — Chairman-Cum-Managing Director<\/em><\/p>\n

Total real estate was INR200 crores, turnover achieved was INR200 crores, of our own real estate. And around INR2,200 crores of real estate of redevelopment projects that we are doing on behalf of ministry.<\/p>\n

Vasudev Ganatra<\/strong> — Nuvama Wealth — Analyst<\/em><\/p>\n

Okay. And what are we projecting for FY ’24 then?<\/p>\n

P.K. Gupta<\/strong> — Chairman-Cum-Managing Director<\/em><\/p>\n

FY ’24, our real estate — our own inventory is around INR250 crores projections. And ministry’s projects, we are planning to wind up both the projects and it will be around INR6,000 crores.<\/p>\n

Vasudev Ganatra<\/strong> — Nuvama Wealth — Analyst<\/em><\/p>\n

Okay. And sir, then what is our status of the Netaji Nagar project?<\/p>\n

P.K. Gupta<\/strong> — Chairman-Cum-Managing Director<\/em><\/p>\n

Netaji Nagar, we are — one contract is already awarded, the section of GPOA and Sartac Hostel. And for rest of the projects, we have received all clearances, including tree-cutting permissions and other statutory approvals. And we are planning to launch those projects shortly.<\/p>\n

Vasudev Ganatra<\/strong> — Nuvama Wealth — Analyst<\/em><\/p>\n

So, can you expect in [Speech Overlap]<\/p>\n

P.K. Gupta<\/strong> — Chairman-Cum-Managing Director<\/em><\/p>\n

[Speech Overlap] and after that, we’ll be quoting tender for construction of housing in Netaji Nagar.<\/p>\n

Vasudev Ganatra<\/strong> — Nuvama Wealth — Analyst<\/em><\/p>\n

Okay. And lastly, sir, what is the seed money as on March and the interest on that?<\/p>\n

Unidentified Speaker<\/strong> —<\/p>\n

The seed money as on today is INR969 crores and outstanding interest is INR259 crores. And during the financial year ’22, ’23, we have received the payment from [Technical Issues] to the extent of INR50 crores.<\/p>\n

Vasudev Ganatra<\/strong> — Nuvama Wealth — Analyst<\/em><\/p>\n

Okay. That’s it from my side. Thank you and all the best.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. [Operator Instructions] Next question is from the line of Pankaj Kumar from Kotak Securities. Please, go ahead.<\/p>\n

Pankaj Kumar<\/strong> — Kotak Securities — Analyst<\/em><\/p>\n

Yeah. Thanks for taking my question and congratulations on good set of number in this quarter. Sir, the question is related to the international opportunity that we’re looking at. So, what kind of order book that we have as of now — order backlog that we have as of now from there? And what all we are targeting and how do you see international order book going ahead?<\/p>\n

P.K. Gupta<\/strong> — Chairman-Cum-Managing Director<\/em><\/p>\n

Currently, we have a major project in Maldives, construction of 2,000 number of social housing. The total cost for this project is INR1,000 crores. And we have a few projects in Mauritius. Currently, work is going on in these two countries. And for future, we have tied up — tying up with Government of Zambia for construction of social housing. And other projects where the Ministry of External Affairs is taking up the work, one is in Seychelles, then Burundi, for Government of Burundi, and these are for Ministry of External Affairs, country building. These projects are in pipeline.<\/p>\n

Pankaj Kumar<\/strong> — Kotak Securities — Analyst<\/em><\/p>\n

Okay. And, sir, if you can also help us with the domestic prospect pipeline. So, which all tenders we are — which all projects we are targeting? And especially, on the redevelopment side, what is there on cards?<\/p>\n

P.K. Gupta<\/strong> — Chairman-Cum-Managing Director<\/em><\/p>\n

A very big project that we are targeting is FAR, balence FAR of Amrapali. And we are in touch with the several other state governments for redevelopment of their [Indecipherable] property.<\/p>\n

Pankaj Kumar<\/strong> — Kotak Securities — Analyst<\/em><\/p>\n

So, what would the value of this Amrapali [Speech Overlap]<\/p>\n

P.K. Gupta<\/strong> — Chairman-Cum-Managing Director<\/em><\/p>\n

Amrapali will be INR7,000 crores to INR8,000 crores.<\/p>\n

Pankaj Kumar<\/strong> — Kotak Securities — Analyst<\/em><\/p>\n

A similar size that we are right now?<\/p>\n

P.K. Gupta<\/strong> — Chairman-Cum-Managing Director<\/em><\/p>\n

Yes. A little less than that.<\/p>\n

Pankaj Kumar<\/strong> — Kotak Securities — Analyst<\/em><\/p>\n

Okay.<\/p>\n

P.K. Gupta<\/strong> — Chairman-Cum-Managing Director<\/em><\/p>\n

This will all be new construction.<\/p>\n

Pankaj Kumar<\/strong> — Kotak Securities — Analyst<\/em><\/p>\n

Okay. And, sir, out of this seven GPRA economy projects, what is out of this INR25,000 crores total order book that we had, so out of that how much we have awarded and what value of the real estate that we have sold till now?<\/p>\n

P.K. Gupta<\/strong> — Chairman-Cum-Managing Director<\/em><\/p>\n

The total value works awarded is around INR5,000 crores. And total property that had been sold is around INR6,300 crores.<\/p>\n

Pankaj Kumar<\/strong> — Kotak Securities — Analyst<\/em><\/p>\n

INR6,300 crores? And by when we are targeting to fully monetize the whole INR25,000 crores of…<\/p>\n

P.K. Gupta<\/strong> — Chairman-Cum-Managing Director<\/em><\/p>\n

These two commercial projects we are targeting to monetize in the current financial year, financial year 2024. And then regarding the monetization of residential property, that will be taken up subsequently.<\/p>\n

Pankaj Kumar<\/strong> — Kotak Securities — Analyst<\/em><\/p>\n

These two commercial projects of value of what?<\/p>\n

P.K. Gupta<\/strong> — Chairman-Cum-Managing Director<\/em><\/p>\n

Total value of these two commercial projects is INR13,300 crores approximately.<\/p>\n

Pankaj Kumar<\/strong> — Kotak Securities — Analyst<\/em><\/p>\n

And this we are targeting in the current year itself?<\/p>\n

P.K. Gupta<\/strong> — Chairman-Cum-Managing Director<\/em><\/p>\n

Current year.<\/p>\n

Pankaj Kumar<\/strong> — Kotak Securities — Analyst<\/em><\/p>\n

So, how is the demand, like to who all are going to be the investor in these projects?<\/p>\n

P.K. Gupta<\/strong> — Chairman-Cum-Managing Director<\/em><\/p>\n

For Sarojini Nagar Downtown, we have already launched bulk sale where any developer will purchase the property and further sell it. And for World Trade Center, both government sector, public sector, and some private sector companies, they are the target customers.<\/p>\n

Pankaj Kumar<\/strong> — Kotak Securities — Analyst<\/em><\/p>\n

So, in Sarojini Nagar, we’ll be basically selling out the land to the private developers you’re saying?<\/p>\n

P.K. Gupta<\/strong> — Chairman-Cum-Managing Director<\/em><\/p>\n

No, it will not be land, it will be constructed property.<\/p>\n

Pankaj Kumar<\/strong> — Kotak Securities — Analyst<\/em><\/p>\n

Okay. So, right now, this is funded through what proceed we are getting through Nauroji Nagar?<\/p>\n

P.K. Gupta<\/strong> — Chairman-Cum-Managing Director<\/em><\/p>\n

Yes.<\/p>\n

Pankaj Kumar<\/strong> — Kotak Securities — Analyst<\/em><\/p>\n

Okay, sir. Thank you.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. [Operator Instructions] The next question is from the line of Rohit Natarajan from Antique Stock Broking. Please, go ahead.<\/p>\n

Rohit Natarajan<\/strong> — Antique Stock Broking — Analyst<\/em><\/p>\n

Thank you. Thank you for this follow-up, sir. Sir, my question is, out of this INR25,000 crores of works that where the work is happening on ground, can you give us the top five projects value-wise?<\/p>\n

P.K. Gupta<\/strong> — Chairman-Cum-Managing Director<\/em><\/p>\n

Yes. Our biggest project is Amrapali. Total value of that project is INR8,000 crores.<\/p>\n

Rohit Natarajan<\/strong> — Antique Stock Broking — Analyst<\/em><\/p>\n

No, sir. The outstanding work that is pending, as in Amrapali only INR2,000 crores work left, right?<\/p>\n

P.K. Gupta<\/strong> — Chairman-Cum-Managing Director<\/em><\/p>\n

Amrapali is around INR3,000 crores work is pending.<\/p>\n

Rohit Natarajan<\/strong> — Antique Stock Broking — Analyst<\/em><\/p>\n

Okay. From a…<\/p>\n

P.K. Gupta<\/strong> — Chairman-Cum-Managing Director<\/em><\/p>\n

Seven GPRAs is the biggest project.<\/p>\n

Rohit Natarajan<\/strong> — Antique Stock Broking — Analyst<\/em><\/p>\n

No, sir. In the INR25,000 crore works where the work is actually happening on ground, of which the unexecuted portion, how much that value-wise, which are the top five projects?<\/p>\n

P.K. Gupta<\/strong> — Chairman-Cum-Managing Director<\/em><\/p>\n

I think the largest will be the seven GPRAs. Total value of work awarded is INR5,500 crores, out of which around INR2,500 crores work has been executed, a little more than INR3,000 crores worth of work is [Speech Overlap]<\/p>\n

Rohit Natarajan<\/strong> — Antique Stock Broking — Analyst<\/em><\/p>\n

Pending?<\/p>\n

P.K. Gupta<\/strong> — Chairman-Cum-Managing Director<\/em><\/p>\n

And the second is Amrapali. Out of INR8,000 crores, around INR5,000 crores worth of work has been done and INR3,000 crores worth of work is yet to be done.<\/p>\n

Unidentified Speaker<\/strong> —<\/p>\n

East Delhi Hub.<\/p>\n

P.K. Gupta<\/strong> — Chairman-Cum-Managing Director<\/em><\/p>\n

Then East Delhi Hub, Karkardooma, so around out of total INR1,200 crores worth of projects, around INR200 crores worth of work has been done. and balance INR1,000 crores is pending. These are the major.<\/p>\n

Rohit Natarajan<\/strong> — Antique Stock Broking — Analyst<\/em><\/p>\n

Sir, this is — if I add up, it’s only INR7,000 crores, and 25,000 crores is the total work that is happening on ground. So, there will be still bigger-ticket items, right?<\/p>\n

P.K. Gupta<\/strong> — Chairman-Cum-Managing Director<\/em><\/p>\n

[Technical Issues]<\/p>\n

Unidentified Speaker<\/strong> —<\/p>\n

In seven GPRAs, we have currently four tenders on pipeline we have to award, valuing around INR4,000 crores.<\/p>\n

Rohit Natarajan<\/strong> — Antique Stock Broking — Analyst<\/em><\/p>\n

Additional in seven GPRAs?<\/p>\n

Unidentified Speaker<\/strong> —<\/p>\n

Yeah.<\/p>\n

Rohit Natarajan<\/strong> — Antique Stock Broking — Analyst<\/em><\/p>\n

Okay. But, sir, that is not yet included in the INR25,000 crores works, right, what is happening on ground?<\/p>\n

Unidentified Speaker<\/strong> —<\/p>\n

[Speech Overlap]<\/p>\n

P.K. Gupta<\/strong> — Chairman-Cum-Managing Director<\/em><\/p>\n

[Speech Overlap] the ones which are going on are INR20,000 crores value, not INR25,000 crores.<\/p>\n

Rohit Natarajan<\/strong> — Antique Stock Broking — Analyst<\/em><\/p>\n

Okay.<\/p>\n

P.K. Gupta<\/strong> — Chairman-Cum-Managing Director<\/em><\/p>\n

And these INR4,000 crores, they are not included in that.<\/p>\n

Unidentified Speaker<\/strong> —<\/p>\n

Already, we have called two tenders.<\/p>\n

Rohit Natarajan<\/strong> — Antique Stock Broking — Analyst<\/em><\/p>\n

Okay.<\/p>\n

Unidentified Speaker<\/strong> —<\/p>\n

Another one [Speech Overlap] we need to call.<\/p>\n

Rohit Natarajan<\/strong> — Antique Stock Broking — Analyst<\/em><\/p>\n

Okay. And which are — okay. So, these are the INR7,000 crores out of INR20,000 crores is non. The remaining, I can assume it will be less than INR1,000 crores. Is that the way a fair assumption to be made?<\/p>\n

Unidentified Speaker<\/strong> —<\/p>\n

Yeah.<\/p>\n

P.K. Gupta<\/strong> — Chairman-Cum-Managing Director<\/em><\/p>\n

Definitely.<\/p>\n

Rohit Natarajan<\/strong> — Antique Stock Broking — Analyst<\/em><\/p>\n

Okay, sir. Thank you. That’s it from my side.<\/p>\n

Unidentified Speaker<\/strong> —<\/p>\n

Thank you.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. [Operator Instructions] Since there are no more questions, I now hand the conference over to Mr. Priyankar Biswas for closing comments.<\/p>\n

Priyankar Biswas<\/strong> — Nomura — Analyst<\/em><\/p>\n

Thank you, Nirav, and I thank all the participants and management for taking their time out to make this an eventful call. So, I’ll now hand it over back to the management for any further closing remarks.<\/p>\n

P.K. Gupta<\/strong> — Chairman-Cum-Managing Director<\/em><\/p>\n

We are looking for a very bright future in the current financial year and in further years to come. The seven real estate markets coming to the core and redevelopment projects, particularly, state government and several state and central government departments, are very keen to take up the redevelopment projects, because they don’t have to spend their money in these projects. So, we are looking for a very bright future. And the — which we had in one of the projects is over and we don’t see any reason for any exceptional items in future. So, the profit before tax and turnover will be substantially high as compared to the current financial year. And the pandemic is also over. I don’t think there any problem with the company. So, our investors can look for a very bright future.<\/p>\n

Operator<\/strong><\/p>\n

Thank you very much. On behalf of Nomura, that concludes this conference.<\/p>\n

Priyankar Biswas<\/strong> — Nomura — Analyst<\/em><\/p>\n

Just, one minute. So, just adding on. So, in case any investors has any further queries, so we have Mr. Balkrishna Singla from the Investor Relations of NBCC to address any further queries. So, he will be available as well even after this call. So, you can get directly in touch with him.<\/p>\n

So, Nirav, back to you.<\/p>\n

Operator<\/strong><\/p>\n

[Operator Closing Remarks]<\/p>\n","protected":false},"excerpt":{"rendered":"

NBCC India Ltd (NSE: NBCC) Q4 FY23 Earnings Concall dated May. 31, 2023 Corporate Participants: P.K. Gupta — Chairman-Cum-Managing Director Analysts: Priyankar Biswas — Nomura — Analyst Rohit Natarajan — Antique Stock Broking — Analyst Unidentified Speaker — Nalin Shah — NVS Brokerage — Analyst Vasudev Ganatra — Nuvama Wealth — Analyst Pankaj Kumar — […]<\/p>\n","protected":false},"author":1905,"featured_media":147581,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2}},"categories":[6349,5753],"tags":[11279],"class_list":["post-148283","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-transcripts","category-industrials","tag-engineering-construction"],"jetpack_publicize_connections":[],"jetpack_featured_media_url":"https:\/\/alphastreet.com\/india\/wp-content\/uploads\/2023\/05\/Transcript-thumbnail.jpg","jetpack_likes_enabled":false,"jetpack-related-posts":[{"id":133736,"url":"https:\/\/alphastreet.com\/india\/nbcc-india-ltd-q1-fy23-earnings-conference-call-insights\/","url_meta":{"origin":148283,"position":0},"title":"NBCC India Ltd Q1 FY23 Earnings Conference Call Insights","author":"Praveen","date":"September 6, 2022","format":false,"excerpt":"https:\/\/youtu.be\/PUeCUiW214Y Key highlights from NBCC India Ltd (NBCC) Q1 FY23 Earnings Concall Q&A Highlights: Rohit Natarajan with Antique Stock asked that on the 3.5% reported EBITDA margin, if there is any provision write-back or any fresh provision made. P. K. Gupta MD said write-back is INR4 crores, which is reversal\u2026","rel":"","context":"In "Concall Highlights"","block_context":{"text":"Concall Highlights","link":"https:\/\/alphastreet.com\/india\/category\/earnings-call-highlights\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2021\/11\/Earnings-Coverage.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2021\/11\/Earnings-Coverage.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2021\/11\/Earnings-Coverage.jpg?resize=525%2C300&ssl=1 1.5x"},"classes":[]},{"id":137066,"url":"https:\/\/alphastreet.com\/india\/nbcc-india-ltd-q2-fy23-earnings-conference-call-insights\/","url_meta":{"origin":148283,"position":1},"title":"NBCC India Ltd Q2 FY23 Earnings Conference Call Insights","author":"Praveen","date":"November 22, 2022","format":false,"excerpt":"https:\/\/youtu.be\/5e_TXHDRWmU Key highlights from NBCC India Ltd (NBCC) Q2 FY23 Earnings Concall \u00a0Q&A Highlights: [00:11:23] Rohit Natarajan of Antique Stock Broking asked about the NBCC Plaza Pushpavihar project and its payment related issue. B.K. Sokhey Director of Finance said that there was a demand from South Delhi Municipal Corp. for\u2026","rel":"","context":"In "Concall Highlights"","block_context":{"text":"Concall Highlights","link":"https:\/\/alphastreet.com\/india\/category\/earnings-call-highlights\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2021\/11\/Earnings-Coverage.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2021\/11\/Earnings-Coverage.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2021\/11\/Earnings-Coverage.jpg?resize=525%2C300&ssl=1 1.5x"},"classes":[]},{"id":128100,"url":"https:\/\/alphastreet.com\/india\/aegis-logistics-ltd-q3-fy22-earnings-conference-call-insights\/","url_meta":{"origin":148283,"position":2},"title":"Aegis Logistics Ltd Q3 FY22 Earnings Conference Call Insights","author":"Praveen","date":"March 3, 2022","format":false,"excerpt":"https:\/\/www.youtube.com\/watch?v=EGacDsgNlRo Key highlights from Aegis Logistics Ltd (AEGISCHEM) Q3 FY22 Earnings Concall Management Update: For 4Q22, the company expects that sales volume will continue to grow in line with 3Q as will the earnings for Gas and Liquid segments. Kandla project is progressing well, and the company fully expects it\u2026","rel":"","context":"In "Concall Highlights"","block_context":{"text":"Concall Highlights","link":"https:\/\/alphastreet.com\/india\/category\/earnings-call-highlights\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2021\/11\/Earnings-Coverage.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2021\/11\/Earnings-Coverage.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2021\/11\/Earnings-Coverage.jpg?resize=525%2C300&ssl=1 1.5x"},"classes":[]},{"id":158980,"url":"https:\/\/alphastreet.com\/india\/nbcc-india-ltd-q3-fy24-earnings-conference-call-insights\/","url_meta":{"origin":148283,"position":3},"title":"NBCC India Ltd Q3 FY24 Earnings Conference Call Insights","author":"Praveen","date":"February 20, 2024","format":false,"excerpt":"Key highlights from NBCC India Ltd (NBCC) Q3 FY24 Earnings Concall Amrapali Project NBCC contributed INR 1,170 crores to topline from Amrapali project. 16,000 out of 38,000 housing units already completed and handover in process. Another 14,000 units will be ready by December 2024. 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The Company operates in three major segments - Project Management Consultancy, Engineering Procurement & Construction, and Real Estate. Financial Results: NBCC (India) Ltd reported Revenues for Q3FY25 of \u20b92,827.00 Crores up from\u2026","rel":"","context":"In "AlphaGraphs"","block_context":{"text":"AlphaGraphs","link":"https:\/\/alphastreet.com\/india\/category\/infographics\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2025\/02\/1-13.png?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2025\/02\/1-13.png?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2025\/02\/1-13.png?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2025\/02\/1-13.png?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2025\/02\/1-13.png?resize=1050%2C600&ssl=1 3x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2025\/02\/1-13.png?resize=1400%2C800&ssl=1 4x"},"classes":[]}],"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/alphastreet.com\/india\/wp-json\/wp\/v2\/posts\/148283","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/alphastreet.com\/india\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/alphastreet.com\/india\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/alphastreet.com\/india\/wp-json\/wp\/v2\/users\/1905"}],"replies":[{"embeddable":true,"href":"https:\/\/alphastreet.com\/india\/wp-json\/wp\/v2\/comments?post=148283"}],"version-history":[{"count":0,"href":"https:\/\/alphastreet.com\/india\/wp-json\/wp\/v2\/posts\/148283\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/alphastreet.com\/india\/wp-json\/wp\/v2\/media\/147581"}],"wp:attachment":[{"href":"https:\/\/alphastreet.com\/india\/wp-json\/wp\/v2\/media?parent=148283"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/alphastreet.com\/india\/wp-json\/wp\/v2\/categories?post=148283"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/alphastreet.com\/india\/wp-json\/wp\/v2\/tags?post=148283"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}