Nagarjuna Construction Company Limited (NCC), achieved a turnover of Rs. 700 Crores for the 3rd quarter ended 31st December, 2006 as against Rs. 475.5 Crores in the corresponding quarter of the previous year, registering an impressive growth of 47% over the previous period. The Company has reported a Gross Profit of Rs. 80.70 Crores (before Interest, Depreciation and Taxes) and a Net Profit of Rs. 44.90 Crores for the 3rd quarter ended 31st December, 2006 as against Rs. 45.78 Crores and Rs. 29.38 Crores respectively in the Corresponding period of the previous year, recording an impressive growth of 53% in Net Profit.

The Company has reported a turnover of Rs. 2005 Crores and a Net Profit of Rs. 123 Crores for the 9 months period ended 31st December, 2006 as against Rs. 1201 Crores and Rs. 69 Crores of the corresponding period of the previous year respectively. EPS for the 3rd Quarter (not annualized) on the enhanced capital post Bonus issue stood at Rs. 2.17 as against Rs. 1.79 in the corresponding period of the previous year. The order book position of the Company as on 31st January, 2007 stood at Rs. 7025 Crores.

The Board of Directors took the aforesaid un-audited financial results for the 3rd quarter ended 31st December, 2006 on record at its meeting held on 31st January, 2007.

For the purpose of financing the BOT / BOOT Projects, for investment in the Subsidiaries / SPVs, for acquisition of Capital Equipment, for augmenting the Working Capital and other long term funding needs of the company, and for general corporate purposes, the Board of Directors have accorded its in-principle approval for raising funds upto US $ 180 million (Rs. 810 Crores) by way of issue of Equity Shares to Qualified Institutional Buyers / issue of GDRs / FCCBs / other permitted securities in accordance with the Guidelines framed by SEBI in this regard and for issue of 25,00,000 Warrants to M/s. A V S R Holdings Pvt. Ltd., (an Investment company, belonging to the Promoters of NCC) under the Preferential Issue Guidelines issued by SEBI.

The Board has further accorded its in-principle approval for increasing the investment limits by FIIs in the Equity Shares of the company to 74% from the existing 49% subject to the approval of the shareholders.

An Extraordinary General Meeting has been convened on 26th February, 2007 for obtaining the approval of the members for the aforesaid Equity Issue to QIBs / Issue of GDRs / FCCBs etc., Issue of Warrants on preferential basis and increase in the FIIs limit.