The company’s net consolidated income stood at Rs 1,429.74 crore in Q1 FY22, a growth of from Rs 730.10 crore it recorded in the similar quarter last year.
NBCC has constructed group housing project at Kochi, Kerala containing 3,20,216 sq ft residential and 3,979 sq ft commercial area. The group has incurred an amount of Rs 87 crore upto June 30, 2021. The sale in the project is pending for want of environmental clearance, it said in the regulatory filing.
It has also executed group housing project in Alwar with a total expenditure of Rs 57.75 crore upto June 30, 2021. The substantial portion of the project was completed in the year 2018. The group initiated the sale of the project in the year 2014- 15.
No sale, however, could be effected. The group plans to re-start the sale in the project, for which it has to incur additional cost to refurbish the constructed area. The value of the project has deteriotated and the group has made provision on Rs 11.72 crore upto June 30, 2021 towards impairment in the cost of work in progress, the company said in a regulatory filing.