National Buildings Construction Company (NBCC) has won a Rs 10,000-crore order to develop 10,000 residential flats on a 240-acre land parcel owned by the Central Public Works Department (CPWD) near Vasant Kunj in South Delhi.
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NBCC has proposed to construct and market 30 percent of the total built-up area to generate revenues for construction of the entire complex. The project, to be called Vasant Kunj Extension, is estimated to come up in 5-6 years.
The company will receive 10 percent fee on the construction cost and an additional 2 percent for sale and marketing activities for the project, said CMD Anoop Kumar Mittal said.
He expects to receive the government approval in the next 6 months.
NBCC's current total orderbook stands at around Rs 16,000 crore, of which 95 percent belongs to the project management consultancy (PMC) division.
Currently, real estate contributes around 10-15 percent to the company's revenue, but NBCC is targetting a 20 percent revenue growth, around Rs 4,500 crore, in FY14-15.
Below is the interview of Anoop Kumar Mittal, CMD, NBCC with Latha Venkatesh & Sonia Shenoy on CNBC-TV18.
Sonia: How much does the real estate business contribute to your overall revenue stream and more about the project as well?
A: Our real estate business is contributing almost 10-15 percent average in our total business. We are in three verticals – Project Management Consultancy (PMC), real estate and engineering, procurement and construction (EPC) contract. EPC contract is contributing about 3-4 percent and remaining is PMC job, so this is our business model.
As far as this project is concerned, this is 240 acre land which belongs to Central Public Works Department (CPWD) in Ghitorni which is next Vasant Kunj in south Delhi. However, six months back we have signed an agreement with CPWD where we will execute this project together; National Buildings Construction Corporation (NBCC) and CPWD. NBCC's role will be to construct and market 30 percent of total build-up area in the market to generate the revenue for construction of entire complex.
This project is under approval of government and we expect that in next six months we may get an approval from the ministry of finance and Government of India.
Latha: How much money will you make if you were to construct all these 10,000 flats and what margin you will make?
A: Our margin is 10 percent of our construction cost and 2 percent on total sale value.
Latha: In this case how much will it work out to?
A: We have not worked out because this is still in approval stage.
NBCC stock price
On April 29, 2014, at 11:10 hrs National Buildings Construction Corporation was quoting at Rs 220.25, up Rs 16.10, or 7.89 percent. The 52-week high of the share was Rs 229.60 and the 52-week low was Rs 96.00.
The company's trailing 12-month (TTM) EPS was at Rs 19.77 per share as per the quarter ended December 2013. The stock's price-to-earnings (P/E) ratio was 11.14. The latest book value of the company is Rs 79.22 per share. At current value, the price-to-book value of the company is 2.78.
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