IRCON reported its earnings for the quarter ended June on Thursday evening.
What Happened: The company’s standalone net profit saw a 9% jump to ₹176.51 crore, compared to the ₹162 crore posted in the same quarter last year. Revenue from operations came in at ₹2,180.48 crore, down 17% from the ₹2,625 crore posted in the corresponding quarter of the previous year.
Domestic revenue slipped 16% year-on-year to ₹2,097 crore. International revenue also dropped to ₹83 crore compared to the ₹113 crore revenue posted in the same quarter last year,
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Following the Ministry of Railways’ directive to close IRSDC, a joint venture in which IRCON holds a 26% stake, the company approved the sale of IRSDC’s business, assets, and liabilities to the Rail Land Development Authority (RLDA) through a slump sale. The process of voluntary liquidation for IRSDC has also been initiated, the company informed in an exchange filing.
Antique Broking had forecasted IRCON’s revenue for the quarter to go up around 4% to ₹2,751 crore, while net profit was expected to be at around ₹187 crore.
Price Action: IRCON’s share price was down 1.64% to close at ₹269.95 on Thursday.
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