Railway construction major IRCON reported its second-quarter earnings on Thursday after markets closed.

What Happened: The company reported a standalone net profit of ₹202.22 crore in the July to September quarter, falling 12.2% from ₹230.44 crore reported in the same period last year. In the preceding quarter, IRCON reported a net profit of ₹176.51 crore.

Revenue from operations declined 20.3% year-on-year to ₹2,298.86 crore in the quarter versus ₹2,883.64 crore. The company’s Q1 revenue had come in at ₹2,180.48 crore.

Antique Broking had expected IRCON to report around a 10% dip in its revenue at ₹2,595 crore and a net profit of ₹204.6 crore.

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Domestic revenue declined by 17.8% year-on-year, reaching ₹2,206.03 crore. International revenue came in at ₹92.83 crore, down from ₹197.67 crore in the same quarter last year.

In the September quarter, mutual funds reduced their holdings in the railway infrastructure company. Currently, mutual fund stakes in the stock stand at 0.31%, down from 1.67% at the end of the June quarter. The Quant Active Fund completely exited the stock during the July-September period, having held a 1.15% stake at the end of June.

Foreign institutional investors also reduced their holdings in IRCON shares during the September quarter. FII ownership in the stock decreased to 3.94% from 4.17% at the end of June. In contrast, retail investors increased their stake in the company. Retail holdings now stand at 25.56%, up from 23.41% at the end of June.

Price Action: IRCON’s shares ended 1.82% lower at ₹214.90 on Thursday.

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