NCC profit after tax fell 75 per cent to Rs 11 crore

NCC profit after tax fell 75 per cent to Rs 11 crore The NCC has reported a fall of 75 per cent in its profit after tax to Rs 11 crore in the second quarter of the year from Rs 46 crore in the corresponding quarter of previous year.

The company, which was formally known as Nagarjuna Construction, also said its total income declined 9% to Rs 1,090 crore from Rs 1,201 crore during the same period. The EBITDA of the company dropped 16% to Rs 103 crore in the same period last year.

Operating profit margin (OPM) grew at 9.46% as against 10.27% year-on-year. Expenses fell 8% to Rs 1,007 crore from Rs 1,095 crore year-on-year. Depreciation was up by 20% to Rs 20 crore and interest cost increased by 89% to Rs 71 crore.

Meanwhile, Steel Authority of India (SAIL) on Thursday reported a 54.62 per cent drop in its profit at Rs. 494.64 crore in the second quarter compared to Rs. 1,090.01 crore in the same period previous year. Net sales were up 2.2 per cent at Rs. 10,836.68 crore against Rs. 10,602.88 crore year-on-year.

SAIL Chairman C. S. Verma said that a high drop in profit was mainly due to the rising costs and a strong dollar.