Benzinga -IRCON's (NS:IRCN) share price was under pressure on Friday morning after the company’s June quarter results failed to impress the street.
What Happened: The rail company reported a 9% increase in standalone net profit, reaching ₹176.51 crore compared to ₹162 crore in the same quarter last year. However, revenue from operations declined by 17%, coming in at ₹2,180.48 crore, down from ₹2,625 crore in the corresponding quarter of the previous year.
EBITDA for the quarter was ₹246 crore, marking a 3.2% increase compared to ₹238 crore in the June quarter of 2023, with an EBITDA margin of 10.8%. The company also revealed that its total order book stood at ₹26,034 crore as of June 30, 2024. This includes ₹20,420 crore from the railways segment, ₹5,531 crore from highways, and ₹83 crore from other projects.
This total represents a decrease from the ₹27,208 crore order book reported at the end of March 2024, with the railways segment's order book previously at ₹21,158 crore. Of the total order book, 90% or around ₹23,604 crore is domestic, while the remaining ₹2,430 crore is from international projects.
Domestic revenue fell 16% year-on-year to ₹2,097 crore, and international revenue also dropped to ₹83 crore, compared to ₹113 crore in the same quarter last year. Antique Broking had forecasted IRCON's revenue for the quarter to increase by about 4% to ₹2,751 crore, with a net profit expectation of around ₹187 crore.
Price Action: IRCON’s share price was down 1.09% to trade at ₹267 as the markets opened on Friday.
Read Next: RVNL Q1 Net Profit Sinks 34% To ₹224 Cr, Misses Estimates
Disclaimer: This content was partially produced with the help of Benzinga Neuro and was reviewed and published by Benzinga editors.