IRCON Shares In Red As Profit Slumps 4%, Orderbook Contracts

  • Benzinga India
  • Stock Market News
IRCON Shares In Red As Profit Slumps 4%, Orderbook Contracts
Credit: © Reuters.

Benzinga - IRCON‘s share price slumped in the red on Wednesday as the company’s March quarter results disappointed investors. IRCON’s share price went down 4.4% to hit an intraday low of ₹276.20 breaking its seven-straight session-gaining streak.

What Happened: The state-run railway company reported a 3.8% year-on-year decline in net profit, amounting to ₹246.8 crore for the fourth quarter that ended on March 31, 2024. In the same quarter last year, the company posted a net profit of ₹256.5 crore.

Revenue from operations for the rail infra company fell by around 1% to ₹3,742.7 crore, compared to ₹3,780.7 crore in the corresponding period of the previous fiscal year.

At the operating level, EBITDA decreased by 56.3% to ₹286.3 crore in the fourth quarter of this fiscal year, down from ₹183.2 crore in the same period last year. The EBITDA margin for the reporting quarter stood at 7.7%, compared to 4.9% in the fourth quarter of the previous fiscal year.

The company’s order book at the end of March 2024 stood at ₹27,208 crore. Out of this ₹21,158 crore worth of orders is from the Railways and ₹5,964 crore is from Highways. This is a decline from the ₹35,195 crore reported at the end of March 2023.

The board has recommended a final dividend of ₹1.30 per equity share for the year ending March 2024.

Price Action: IRCON’s share price was down 1.50% to trade at ₹285.40 as the markets opened on Wednesday.

Read Next: BHEL Reports 25% Slump In Profit, Announces ₹0.25 Dividend

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