IRCON Q1 Results: Net profit rises 30% to ₹187 crore, revenue up 36% YoY

1 min read 08 Aug 2023, 06:13 PM IST Nikita Prasad

IRCON Q1 Results: The state-run engineering and construction firm's revenue from operations in the first quarter of current fiscal stood at ₹2,712.2 crore, reporting a growth of 35.7 per cent, compared to ₹2,001.9 crore in the year-ago period.

IRCON reported a net profit of ₹187 crore in June quarter

IRCON Q1 Results: IRCON International released its April-June quarter results for fiscal 2023-24 (Q1FY24) on August 8, reporting a rise of 29.6 per cent in net profit at ₹187 crore, compared to ₹144.6 crore in the corresponding period last year. The state-run engineering and construction firm's revenue from operations in the first quarter of current fiscal stood at ₹2,712.2 crore, reporting a growth of 35.7 per cent, compared to ₹2,001.9 crore in the year-ago period.

In its analyst presentation, IRCON International said that it achieved the highest turnover in Q1FY24. On the operating front, the railway PSU's earnings before interest, taxes, depreciation, and amortization (EBITDA) during the June quarter came in at ₹208.8 crore, reporting a growth of 31.2 per cent, compared to ₹159 crore in the year-ago period.

The margin stood at 7.8 per cent, compared to 8 per cent year-on-year. The company's earnings per share (EPS) stood at ₹1.99 per equity share of the face value of ₹2 per share.

The total order book during the June quarter stood at Rs.32,486 crore, out of which railways accounted for ₹23,613 crore, highways for ₹6,906 crore, and others accounted for ₹1,967 crore. IRCON said in a regulatory filing to the stock exchanges that the Railway Ministry gave an in-principle approval for the closure of the Bastar Railway Private Limited (BRPL) - a join-venture (JV) company with IRCON. IRCON holds a 26 per cent share in BRPL.

‘’BRPL is at a construction stage and is not generating revenue at this stage. IRCON’s share of loss in FY 2022-23 was Rs.0.25 crore. Ministry of Railways is interested to take over the project,'' said IRCON in ist exchange filing.

Shares of IRCON International settled 1.12 per cent at ₹230.25 apiece on the BSE.

ABOUT THE AUTHOR

Nikita Prasad

Nikita covers business news and has been producing news on digital platforms since 2018. She writes on economy, policy, markets, commodities, industry. Her core areas of interests include infrastructure, energy, oil and gas, railways, and transport/mobility. She has worked for business news channels like Moneycontrol, NDTV Profit, and Financial Express in the past. If you have story ideas/pitches/reports or quotes/views to share, reach her at nikita.prasad@htdigital.in.