State-owned engineering and construction firm Ircon International Ltd on Thursday posted an over two-fold jump in consolidated net profit to Rs 88.99 crore for the June quarter, helped by higher income.
During the April-June period of 2020-21 fiscal, the company had clocked a net profit of Rs 34.46 crore, it said in a regulatory filing.
Total income in the said quarter also more than doubled to Rs 1,175.54 crore, from Rs 549.29 crore earlier.
The company's total expenses rose to Rs 1,065.42 crore, as against Rs 493.87 crore in the corresponding quarter of the preceding financial year.
In a statement, the company said its operations during the quarter were impacted due to the second wave of the COVID-19 pandemic.
"It expects to recover the carrying amount of its financial and nonfinancial assets in the ordinary course of business based on information available on current economic conditions. The company will also continue to monitor closely any pandemic related uncertainty arising from material changes to future economic conditions," it said.
An interim dividend of 0.45 paise per equity share of face value of Rs 2 each for the financial year 2021-22 has been approved by the Board of Directors, the company said.
During the first quarter, the company secured new order of Rs 659 crore from North Frontier Railways (NFR), under the Ministry of Railways, on competitive bidding basis. As of June 30, 2021, the total order book stands at Rs 34,312 crore, it said.
Ircon International is a leading turnkey construction company having a presence in several states of India, and countries like Malaysia, Nepal, Bangladesh, South Africa, Algeria, and Sri Lanka.
The company has completed more than 128 projects in 25 countries across the globe and 390 projects in various states in India.
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
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