IRCON‘s June quarter results revealed that the company’s order book contracted during the April-June period.
What Happened: In a press release, the rail infrastructure major said that its total order book ₹26,034 crore as of June 30, 2024. Out of this ₹20,420 crore is from the railways segment, ₹5,531 crore from highways, and ₹83 crore from other projects.
This is a decrease from the ₹27,208 crore order book reported at the end of March 2024. Railways segment’s order book was at ₹21,158 crore. 90% or around ₹23,604 crore of the total order book is domestic while the remaining ₹2,430 crore is from international projects.
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Talking about its outlook for the industry going forward the company said that continued focus from the government augurs well for the growth of the sector. “Government initiatives are providing tailwinds to the Infrastructure sector and the company will definitely get benefitted,” the company added in a press release.
The company’s standalone net profit increased by 9% to ₹176.51 crore, compared to ₹162 crore in the same quarter last year. However, revenue from operations dropped 17% to ₹2,180.48 crore, down from ₹2,625 crore in the corresponding quarter of the previous year.
Price Action: IRCON's share price was down 1.64% to close at ₹269.95 on Thursday.
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