Results for the first quarter of IRCON International’s fiscal 2023–24 (Q1FY24) were issued on August 8 and showed a gain of 29.6% in net profit to ₹187 crores, up from ₹144.6 crores in the same time the previous year. The state-run engineering and construction company reported a gain of 35.7% in operating revenue during the first quarter of the current fiscal, coming in at ₹2,712.2 crores as opposed to ₹2,001.9 crores during the same period last year.
According to IRCON International’s analyst presentation, Q1 FY24 saw its greatest turnover. In terms of operations, the railway PSU’s earnings before interest, taxes, depreciation, and amortization (EBITDA) for the June quarter totaled ₹208.8 crores, up 31.2% from ₹159 crores in the same quarter last year.
It was 7.8%, as opposed to 8% year over year for the margin. The company reported earnings per share (EPS) of ₹1.99 for each equity share with a face value of ₹2.
The overall order book for the June quarter was ₹32,486 crore, of which ₹23,613 crore was accounted for by railroads, ₹6,906 crore by highways, and ₹1,967 crore by other sources. The Railway Ministry issued an in-principle approval for the closure of Bastar Railway Private Limited (BRPL), a joint-venture (JV) business with IRCON, according to IRCON in a regulatory statement to the stock exchanges. A 26% ownership stake in BRPL is held by IRCON.
“BRPL is still under construction and not making any money at this time. In FY 2022–23, IRCON’s portion of the loss was ₹0.25 crore.” In its exchange filing, IRCON stated that the Ministry of Railways is interested in taking over the project.
On the BSE, shares of IRCON International closed down ₹1.12% at 230.25 each.
