IRCON Shares Slips As Revenue Declines, Orderbook Shrinks In Q1
Take Stock Of The Week Ahead

Get all the latest Share Market trends and news to set you up for the week ahead.

Congratulations!
You have successfully subscribed.

IRCON‘s share price was under pressure on Friday morning after the company’s June quarter results failed to impress the street.

What Happened: The rail company reported a 9% increase in standalone net profit, reaching ₹176.51 crore compared to ₹162 crore in the same quarter last year. However, revenue from operations declined by 17%, coming in at ₹2,180.48 crore, down from ₹2,625 crore in the corresponding quarter of the previous year.

EBITDA for the quarter was ₹246 crore, marking a 3.2% increase compared to ₹238 crore in the June quarter of 2023, with an EBITDA margin of 10.8%. The company also revealed that its total order book stood at ₹26,034 crore as of June 30, 2024. This includes ₹20,420 crore from the railways segment, ₹5,531 crore from highways, and ₹83 crore from other projects.

See Also: How To Check Unicommerce IPO Allotment Status

This total represents a decrease from the ₹27,208 crore order book reported at the end of March 2024, with the railways segment's order book previously at ₹21,158 crore. Of the total order book, 90% or around ₹23,604 crore is domestic, while the remaining ₹2,430 crore is from international projects.

Domestic revenue fell 16% year-on-year to ₹2,097 crore, and international revenue also dropped to ₹83 crore, compared to ₹113 crore in the same quarter last year. Antique Broking had forecasted IRCON's revenue for the quarter to increase by about 4% to ₹2,751 crore, with a net profit expectation of around ₹187 crore.

Price Action: IRCON’s share price was down 1.09% to trade at ₹267 as the markets opened on Friday.

Read Next: RVNL Q1 Net Profit Sinks 34% To ₹224 Cr, Misses Estimates 

Disclaimer: This content was partially produced with the help of Benzinga Neuro and was reviewed and published by Benzinga editors.

Don't miss a beat on the share market. Get real-time updates on top stock movers and trading ideas on Benzinga India Telegram channel.

Comments
Loading...
EarningsEquitiesNewsMarketsMoversTrading IdeasIRCON