Ircon International Q4 2024 Results: Declares Dividend News of ₹1.30, reports Lower Net Profit

Tanushree Jaiswal Tanushree Jaiswal

Last Updated: 22nd May 2024 - 11:22 am

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Ircon International's EBITDA declined significantly by 56.3% to ₹286.3 crore in the last quarter, compared to ₹183.2 crore in the same period last year. Ircon International share price closed the day at ₹289.70 on the BSE, a 5.90% increase (₹16.15) from the previous day's closing price. The company's board has proposed a final dividend of ₹1.30 per equity share (face value of ₹2), representing 65% of the paid-up equity share capital, for the financial year 2023-24.

Result Performance

In its financial report for the fourth quarter of fiscal year 2024 (ending March 31, 2024), Ircon International Ltd, a state-owned construction company, announced a year-on-year decline of 3.8% in net profit, reaching ₹246.8 crore. 

In the corresponding quarter, Ircon International reported a net profit of ₹56.5 crores, as per a regulatory filing. During the same period, the company's revenue from operations experienced a 1% decline, decreasing from INR 3,780.7 crores to ₹3,742.7 crores.

The company's operating earnings before interest, taxes, depreciation, and amortization (EBITDA) declined by 56.3% in the fourth quarter of the fiscal year, reaching ₹286.3 crore compared to ₹183.2 crore in the same period last year. The EBITDA margin also improved, reaching 7.7% in the current quarter compared to 4.9% in the fourth quarter of the previous fiscal year.

The board has proposed a final dividend of ₹1.30 per equity share with a face value of ₹2 (representing 65% of the paid-up equity share capital) for the financial year 2023-24. The final dividend is contingent upon shareholder approval at the company's annual general meeting. The dividend will be distributed within 30 days of its declaration at the AGM.

Listed on the S&P BSE 500, Ircon has a strong history of dividend payments. The company has consistently declared dividends for the past five years. For the financial year 2023, IRCON declared an equity dividend of 150%, equating to Rs 3 per share. This represents an increase from the Rs 2.05 per share dividend paid in FY22.

About Ircon International

Ircon International Ltd (Ircon), a subsidiary of Indian Railways, is a heavy construction contractor. Ircon focuses on the construction of roads, bridges, railways, airports, airport runways, residential, industrial, and commercial buildings. It also provides services such as railway electrification, leasing of locomotives and passenger cars, and signals and telecommunications installations.

Key domestic clients include Northern Railway, National Highway Authority of India, Indian Oil, NMDC, and NTPC; and international clients include Ministry of Communication, Indonesia; Nigerian Railway; Zambian Railways; Bangladesh Railways; and Aquaba Railway Corporation, Jordan.

The company serves across India and other countries including Algeria, Afghanistan, Bangladesh, Bhutan, Brazil, Indonesia, Iran, Iraq, Liberia, Malaysia, Mozambique, Myanmar, Nepal, Nigeria, Saudi Arabia, South Africa, Sri Lanka, Turkey, the UK, and Zambia. Ircon is headquartered in New Delhi, India.

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