NBCC SIGNS ANNUAL MOU WITH MINISTRY TARGETS GROWTH OF 15 IN PROFIT
NBCC, a Navratna CPSE under the Ministry of Housing and Urban Affairs (MoHUA), Govt. of India
New Delhi, Date: 15.05.2018: NBCC, a Navratna CPSE under the Ministry of Housing and Urban Affairs (MoHUA), Govt. of India, has signed Memorandum of Understanding (MoU) for the FY 2018-19 with its Ministry today. The signed MoU outlines performance targets for the Company based on various financial parameters, dynamic parameters, sector specific and enterprise specific parameters. While sales turnover has been fixed at Rs. 7200 Crore, operating profit has been targeted at Rs 367.20 crore which shall be a hike of 15% from the previous year’s profit. Further, this year's MoU has laid specific emphasis on achieving set milestones with respect to NBCC’s subsidiary companies and HRM parameters. The annual MoU has been signed on May 15, 2018 by Durga Shanker Mishra, IAS, Secretary (HUA), Govt. of India, on behalf of the MoHUA and Dr. Anoop. K. Mittal, CMD, NBCC, on behalf of NBCC. Senior Executives from the Ministry and NBCC were also present on the occasion.
Giving broad outlook to the Company’s future operations and growth scale, Dr. Anoop Kumar Mittal, CMD, NBCC said – “The Company during the financial year 2018-19 aims to secure new business in overseas market, diversify its work portfolio and partner strongly in the flagship programmes of the Central Government”. “We would be in a position to consistently register a 30-40 % Growth in CAGR this year onwards, banking on the completion of a number of high value projects. The company will aggressively take forward its redevelopment model and be an active contributor to the infrastructural transformation in the country” - he further added.