IRCON International Ltd. Reported Q4 Results: Net Profit Slipped by 4%

Ircon International, or Indian Railway Construction International Limited (IRCON), is an Indian engineering & construction corporation, specializing in transport infrastructure. The public sector undertaking was established in 1976, The Government company has received its Q4 FY 2023-24 results today.

Q4 Performance of IRCON International Ltd.

IRCON International Ltd. has reported a fall of 4% in its net profits to Rs.246.5 crores from Rs.256.5 crores in Q3 FY 2023-24. The Total income in this quarter has remained flat on a year-on-year basis. The board has also declared a dividend of Rs.1.30 per share on a face value of Rs.2 per share.

Outcome of The Board Meeting

Shri Ashish Bansal has been designated as CEO and KMP of the Company: Pursuant to Section 203 of the Companies Act, 2013 The board has designated Shri Ashish Bansal, CMD, IRCON as Chief Executive Officer and KMP of the Company w.e.f. 29th April, 2024.

Additional Contribution of Capital in the form of Hybrid Security (Optionally Convertible Debentures): The Board has approved the investment of additional funds not exceeding Rs.88.92 Crore in the form of optionally Convertible debentures in Ircon Renewable Power Limited, a subsidiary of IRCON.

Conclusion: The government company’s revenue has remained flat on a year-on-year basis and the profit has reported a marginal decline of 4%. The stock has surged more than 250% over the past year on the back of a strong order book and present confidence for PSU stocks among investors. As the company has reported its results after market hours, any reaction to these results will take place tomorrow. The stock of IRCON International Ltd. closed at 289.75 a piece up by 5.92% today.

Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. It is based on several secondary sources on the internet and is subject to changes. Please consult an expert before making related decisions.