Ircon’s revenue rises 15% to ₹1,818 crore in FY19’s first half1 min read . Updated: 13 Nov 2018, 07:26 PM IST
Ircon International’s CMD S.K. Chaudhary attributed the growth to faster execution of projects and quick decision making
New Delhi: Indian Railways miniratna company Ircon International reported a total revenue of ₹ 1,818 crore for the first half of the current fiscal which ended 30 September. This is 15% higher as compared to last fiscal when the earnings for the corresponding time was ₹ 1,584 crore.
Company chairman and managing director S.K. Chaudhary attributed the growth to faster execution of projects and quick decision making.
Declaring the half-yearly results on Tuesday, the company said that revenue from operations during the first two quarters of 2018-19 was ₹ 1,666 crore. This comprise hike of ₹ 152 crore from domestic sector operations and ₹ 29 crore from international projects. The company’s earnings per share increased from ₹ 6 to ₹ 26.19 during the current fiscal.
Chaudhary said company has a strong order book of more than ₹ 27,000 crore as on 30.09.2018 on standalone basis. Railways remains the focus for the company where it achieved a revenue of ₹ 1,420 crore, a growth of 37% as compared to last fiscal first two quarters.
Established in 1976, Ircon was the second central public sector enterprise to launch an IPO in the current fiscal besides being the second railways CPSE to be listed on the stock markets after RITES. The government sold its 10% stake in the railways engineering and construction company -- Ircon International -- bringing revenue of ₹ 466 crore to the state exchequer.
The company has presence in Sri Lanka, Bangladesh, Malaysia, South Africa and Algeria with major operations in India. Over FY15-17, Ircon’s financials were muted, but picked up in FY18, recording revenue and net profit growth of 31% and 24%, respectively.