IRCON shares hit record high on Q1 earnings; check details

Shares of IRCON International Ltd rose to a record high after the Indian Railways firm reported a 30% rise in Q1 net profit. The stock of the state-owned engineering and construction firm zoomed 6.75% to Rs 106.43 against the previous close of Rs 99.70 on BSE.  

Market cap of the firm rose to Rs 9928 crore on BSE.  IRCON stock also touched an intraday low of Rs 99.71 on BSE.   

Earlier, the IRCON stock opened flat at Rs 99.71 on BSE. Stock of IRCON has gained 170% in a year and risen 78.62% in 2023. Total 5.24 lakh shares of the firm changed hands amounting to a turnover of Rs 5.44 crore on BSE.  

In terms of technicals, the relative strength index (RSI) of the stock stands at 64.3, signaling the stock is neither oversold nor overbought. IRCON has a one-year beta of 1.2, indicating high volatility during the period. IRCON shares are trading higher than the 10 day, 20 day, 50 day, 100 day and 200 day but lower than the 5 day moving averages.        

Q1 net profit of IRCON rose to Rs 187.4 crore against a net profit of Rs 144.6 crore in the corresponding quarter last year. Consolidated revenue from operations jumped 35.7% to Rs 2,712.2 crore in Q1 against Rs 2,001.9 crore in the corresponding period of the preceding fiscal. 

At the operating level, EBITDA climbed 31.2 percent to Rs 208.8 crore in the June quarter of this fiscal against Rs 159.1 crore in the corresponding period in the previous fiscal. 

Earnings Per Share (EPS) stood at Rs 1.99 per equity share of the face value of Rs 2 per share. The total order book as on June 30, 2023, stands at Rs 32,486 crore. Out of which railway segment is Rs 23,613 crore, highway Rs 6,906 crore, and others Rs 1,967 crore. 

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Ircon International has specialization in execution of Railway projects on turnkey basis and otherwise. After commencing business as a railway construction company, it diversified progressively to roads, buildings, electrical substation and distribution, airport construction, commercial complexes, as well as metro rail works. The company caters to both domestic and international markets.  

 

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