July 5, 2024
New Delhi, India
Ircon International, a leading player in the infrastructure sector, saw its share price surge by 5.5%, hitting a 52-week high. This rise followed the announcement that its joint venture secured a significant ₹751 crore order from Rail Vikas Nigam Ltd (RVNL).
Order Win Details
The joint venture firm, IRCON- Paras Railtech Private Ltd- PCM Strescon Overseas Ventures Ltd, won the ₹751 crore contract. The project involves designing, supplying, installing, testing, and commissioning broad gauge ballastless track (BLT) and supplying ballast and installing track between Karanprayag and Rishikesh in Uttarakhand. The project is expected to be completed in 42 months.
Market Performance
On Friday, Ircon International’s share price opened at ₹288.50 apiece on BSE and reached an intraday high of ₹295. Over the past year, the company’s share price has increased by an impressive 250.27%, outperforming its sector by 172.03%. Year-to-date, the stock has gained 70%.
Currency Market Recent Movements
Financial Highlights
For the quarter ending in March 2024, Ircon International reported a 15.1% increase in profit after taxes, amounting to ₹285.68 crore. This is up from ₹248.18 crore in the same quarter of the previous fiscal year. For the fiscal year 2023-24, profit after taxes climbed by 21.5% from ₹765 crore to ₹930 crore. The company’s total sales for the quarter rose by 0.6% to ₹3,796.59 crore, compared to ₹3,773.97 crore in the same period last year. As of March 31, 2024, Ircon International’s total order book stood at ₹27,208 crore.
Bottom Lone
Ircon International’s recent order win and strong financial performance have driven its share price to a new high. With a robust order book and consistent profit growth, the company continues to show promising prospects for investors.
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