Indian construction firm NCC Ltd on Friday posted a 21.2% drop in fourth-quarter net profit, as the company reported one-time gain from stake sale of its unit in the same quarter previous year.
The company's consolidated net profit after tax fell to 1.91 billion rupees ($23.12 million) in the three months ended March 31, from 2.42 billion rupees a year earlier.
Revenue from operations jumped 42.3% to 49.49 billion rupees but total expenses rose 38.4% year-on-year to 46.80 billion rupees, mainly on a 80% uptick in sub-contractor bills, and tax expenses more than doubled.
WHY IT MATTERS
The company had reported a one-time gain of 1.72 billion rupees in the fourth quarter of 2022, from the sale of its stake in unit NCC Vizag Urban Infrastructure Ltd. This also hurt the company's net profit in the reporting quarter.
However, NCC's consolidated order book stood at 502.44 billion rupees as of March 31, a 20% sequential increase from the previous quarter.
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(Reporting by Priya Sagar in Bengaluru; Editing by Sonia Cheema and Varun H K)