Shares of IRCON plunged over 5% on Friday after the company’s second-quarter results showed both revenue of net profit declining. The railway construction firm also posted its order book details for the quarter.

What Happened: IRCON posted a standalone net profit of ₹202.22 crore for the July to September quarter, marking a 12.2% decline from ₹230.44 crore in the same period last year. Revenue from operations dropped 20.3% year-on-year, totalling ₹2,298.86 crore compared to ₹2,883.64 crore in the previous year.

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At the end of September. the company’s total order book further contracted to ₹24,253 crore, it said in a press release. In the previous quarter, the public sector firm’s order book stood at ₹26,034 crore.

Of this, the biggest share of 78% of orders worth ₹18,959 crore came from the railways, while 22% of the orders worth ₹5,210 crore came from the highways segment and ₹84 crore worth of orders came from other sources.

90% of these orders came from domestic clients and the remaining 10% came from international clients, the company said. The company won 52% of these or around 12,731 orders through a competitive bidding process whereas it was nominated for 48% or about ₹11,522 orders.

Price Action: IRCON lost 5.62% to trade at ₹203.20 on Friday.

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