Ircon International’s consolidated net profit rises 16 per cent to Rs 115 crore in March quarter

The firm’s expenditure rose to Rs 1,745.34 crore, compared with Rs 1,632.38 crore in the year-ago period.

State-owned engineering and construction firm Ircon International Ltd on Friday reported a 15.73 per cent rise in its consolidated net profit to Rs 115.40 crore for the quarter ended March 31, 2020.

The company had clocked a consolidated net profit of Rs 99.71 crore in the corresponding period a year ago, it said in a regulatory filing to the BSE.

Its income during the March 2020 quarter was marginally up at Rs 1,896.53 crore, against Rs 1,852.96 crore in the year-ago quarter.

The firm’s expenditure rose to Rs 1,745.34 crore, compared with Rs 1,632.38 crore in the year-ago period.

For the full year also, the company saw a rise in its consolidated net profit to Rs 485.31 crore, against Rs 450.07 crore a year ago.

The company in a statement said there is no significant impact of COVID-19 on its financial performance in 2019-20.

“The COVID-19 pandemic affected business activities worldwide. However, the company believes that thus far, there is no significant impact of the pandemic on the financial performance of the company in terms of revenue and profitability as the company has recorded its budgeted revenue in the current year,” the company said.

It said that though the management expects to have reduction in revenue and profitability in 2020-21, the impact of the lockdown will have to be assessed from time to time, it said.

The company said its board of directors has recommended a final dividend of Rs 2.06 per equity share on a face value of Rs 2 per equity share for 2019-20 (in addition to an interim dividend of Rs 13.45 per share on a face value of Rs 10 per share), subject to the approval of the shareholders at the annual general meeting.