Source – https://www.dsij.in/dsijarticledetail/rs-32486-crore-order-book-heavy-buying-in-this-multibagger-railways-construction-stock-as-it-receives-order-worth-rs-122-crore-from-sri-lanka-railways-33417
Publisher – Dalal Street Investment Journal
Ircon International Ltd informed that the company has executed the contract agreement with Sri Lanka Railways, Ministry of Transport, Sri Lanka for the work of procurement of design, installation, testing, commissioning and certifying of signalling and telecommunication system from Maho Junction to Anuradhapura under Indian Line of Credit at a total price of USD 14.89 million equivalent to approx. Rs 122 Crore on September 21, 2023.
On Friday, shares of Ircon International surged 4.12 per cent to Rs 141.45 per share from its previous closing of Rs 135.85. The stock traded at an intraday high of Rs 143.20 and an intraday low of Rs 132.70.
Order Book Update: The total order book as of June 30, 2023 stands at Rs 32,486 crore.
The break-up of which is as follows:
- Railways – Rs 23,613 crore
- Highways – Rs 6,906 crore and
- Others – Rs 1,967 crore.
The company’s financial performance in Q1FY24 was strong, with all key financial metrics showing significant growth year-over-year. Total income increased by 36.7 per cent to Rs 2,828 crore, revenue from operations increased by 35.7 per cent to Rs 2717 crore, EBITDA increased by 32.4 per cent to Rs 315 crore, Profit Before Tax increased by 41.1 per cent to Rs 263 crore, and Profit After Tax increased by 29.6 per cent to Rs 187 crore.
IRCON is a PSU company with a market cap of over Rs 13,000 crore. The stock gave multibagger returns of 250 per cent in just 1 year whereas BSE Sensex Index is up by 11.65 per cent. Investors should keep an eye on this railway construction company’s stock.
