Ircon International shares slide 5% on sluggish Q4 show; profits dip by 4%
.webp)
Shares of Ircon International slipped 5.5 per cent at Rs 273.95 per share on the BSE in Wednesday’s intraday trade. The crack in the stock price came after the civil construction firm delivered a sluggish quarter four performance for the financial year 2022-23 (Q4FY24).
The engineering and construction firm saw a decline of 3.8 per cent in its consolidated net profit, totaling Rs 246.8 crore for the March quarter, compared to Rs 256.49 crore from the same period last year.
Consolidated revenue also dipped by 1 per cent to Rs 3,742.71 crore in Q4FY24, compared to Rs 3,780.66 crore in the corresponding period of the previous year.
However, the company's earnings before interest tax depreciation (Ebitda) surged by 14.7 per cent to Rs 424 crore in Q4FY24, showcasing enhanced financial strength and operational efficiency. The Ebitda margin came in at 10.9 per cent.
Revenue from operations during the FY24 increased by 18.9 per cent to Rs 12,331 crore as against Rs 10,368 crore in FY23. Profit After Tax increased by 21.5 per cent to Rs.930 crore in FY24 as against Rs.765 crore in FY23.
As of March 31, 2024, the company's total order book stood at Rs 27,208 crore, spanning diverse sectors. The railways sector dominates the order book with Rs 21,158 crore, followed by the highways sector with Rs 5,964 crore, and other sectors contributing Rs 86 crore. The company has also proposed a final dividend of Rs 1.30 per equity share on a face value of Rs 2 per share.
At 12:18 PM; the stock of the company was down 2.35 per cent at Rs 282.90 per share on the BSE. By comparison the S&P BSE Sensex was up 0.28 per cent.
The share price of the company has skyrocketed by 62 per cent year to date while it has surged 70 per cent in the last six months. The company is presently trading at a price to earnings valuation of Rs 30.82 times.
Indian Railway Construction (Ircon) International, is an Indian engineering and construction corporation, specialised in transport infrastructure.
Other Latest News
.webp)
Former US President Barack Obama and his wife Michelle Obama have endorsed Vice President Kamala Harris for the post of US president. The video, which featured a private phone conversation between the couple and the vice president, lasted around one minute.
“Earlier this week, Michelle and I called our friend @KamalaHarris. We told her we think she’ll make a fantastic President of the United States, and that she has our full support. At this critical moment for our country, we’re going to do everything we can to make sure she wins in November. We hope you’ll join us,” Obama posted on X with a video capturing a phone call between the couple and the current vice president.
.webp)
Realty major DLF plans to launch nearly 37 million square feet area for sale in the medium term across various cities with revenue potential of Rs 1.04 lakh crore as part of its strategy to encash strong demand for luxury homes.
In its latest investor presentation for the April-June quarter, DLF informed about the "planned launches of Rs 1+ lakh crore (36 million square feet) of new products over the medium term".
.webp)
ITC will invest Rs 20,000 crore in the medium term as it has “unwavering confidence” in India’s economic growth, said Sanjiv Puri, chairman and managing director of the consumer goods maker, on Friday.
Puri told shareholders at the company’s annual general meeting ITC was committed to partner the country in becoming the world’s third largest economy by building a “future tech, climate positive, innovative and inclusive national enterprise of pride”.
.webp)
India's Paytm has got approval from the government for its Rs 50 crore ($5.97 million) investment in a key subsidiary, a top finance ministry official told Reuters on Friday.
The approval, which was stuck for months due to the company's link to China, will remove the main stumbling block to the unit, Paytm Payment Services, resuming normal business operations.
.webp)
IPO-bound Ola Electric has suspended its electric car launch plans as the Softbank-backed company wants to focus on its e-scooter business, two people with direct knowledge of the decision said.
Ola's founder Bhavish Aggarwal laid out plans in 2022 to launch an electric sports car with an all-glass roof in two years that could reach 100 km per hour within four seconds.
.webp)
.webp)
.webp)
.webp)
.webp)
