The share price of IRCON International broke a five-day losing streak and skyrocketed 8% on 18 March after the company’s Joint Venture (JV) announced securing an EPC contract worth Rs 1,096 crore.
The company, in partnership with Badri Rai and Company (BRC), was given an EPC contract of Rs 1,096,17,25,961.15 by the Directorate of Urban Affairs, Government of Meghalaya. IRCON holds a 26% stake in the JV, taking its total consideration to Rs 285 crore
A new secretariat complex with campus infrastructure is to be constructed in New Shillong City, Meghalaya, on an engineering, procurement, and construction (EPC) basis. The said contract has to be executed within 36 months from the date of receipt.
The company’s net profit suffered a steep 65% year-on-year (YoY) decline to Rs 86 crore for the third quarter of the current fiscal year from Rs 244.70 crore at the same time last year.
Additionally, revenue decreased by 10% year over year to Rs 2,612.86 crore from Rs 2,929.54 crore during the same period last year.
Established in 1976 by Indian Railways under the Indian Companies Act, Ircon International is a prominent engineering and construction firm specializing in transport infrastructure. Renowned for its expertise in turnkey construction, the company undertakes projects in railways, highways, EHV sub-stations, and metro rail systems, while also expanding into other areas of transport and infrastructure development.
At 12:29 pm, the shares of IRCON International were trading 5.38% higher at Rs 145.60 on NSE.
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