Discover the latest business news, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
Engineering and construction company IRCON International on February 8 reported a 28.8 percent on-year rise in its consolidated net profit to Rs 244.7 crore for the December quarter of 2023-24, against a net profit of Rs 190 crore in the year-ago period.
The company's consolidated revenue from operations also rose 22.9 percent on year to Rs 2884.2 crore for the quarter ended December 2023, Q3FY24.
The faster growth in the company's bottom line compared to its topline was mainly due to its other income increasing by nearly 70 percent during the quarter from Rs 75.4 crore a year ago to Rs 127.7 crore for the quarter ended December 2023.
The company's consolidated Earnings Before Interest, Taxes, Depreciation, and Amortization (EBITDA) for the quarter that ended December 2023 came in at Rs 378.1 crore 63.2 percent higher than the Rs 231.7 crore seen in the same period a year ago.
IRCON Intl's EBITDA margin came in at 12.6 percent for the quarter ended December 2023, nearly 270 basis points higher than a year ago.
IRCON Intl saw its order book shrink to Rs 29,436.1 crore, from Rs 32,152 crore at the end of September 2023, Rs 32,486 crore at the end of June 2023 and Rs 38,023 crore as of December 31, 2022.
Railway orders made up 72.3 percent of IRCON's current order book amounting to Rs 21,282 crore, while highway projects made up 20.7 percent amounting to Rs 6,102.2 crore, and other segments made up 7 percent amounting to Rs 2,051.9.
IRCON at the end of June 2023 had said that it was aiming to secure orders worth Rs 10,000-12,000 crore in the fiscal year 2023-24.
The company's director of finance, Ragini Advani, had on August 9 revealed during a post-earnings analyst call that IRCON intends to close the fiscal year with an order book totalling Rs 35,000 crore. New orders were anticipated to fall within the range of Rs 10,000-12,000 crore.
Advani had indicated that IRCON was in the final stages of securing major contracts, pending the receipt of the letter of award. She had expressed confidence in winning these contracts based on the company's technical expertise, historical pricing, and advanced discussions on certain projects.
Ircon, a Navratna public sector enterprise, is a prominent turnkey construction company specializing in railway and highway projects.
Discover the latest business news, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!