IRCON reports Rs.76.28 cr Standalone PAT, up 91% QoQ
Ircon International Limited, a Miniratna (Category - I) Schedule A Public Sector Enterprise and a leading turnkey Construction Company has announced its financial results for the second quarter/half year ended on September 30th, 2020.
Highlights for Q2FY21 Standalone Financials
· Total income stands at Rs. 1015 crore as against Rs. 513 crore in Q1FY21.
· Revenue from Operations stood at Rs. 966 crore as against Rs. 477 crore in Q1FY21.
· Core EBITDA reported was at Rs. 66 crore as compared to Rs. 34 crore in Q1FY21.
· Profit Before Tax stands at Rs.104 crore as against Rs. 60 crore in Q1FY21.
· Profit After Tax reported was at Rs. 76 crore as against Rs. 40 crore in Q1FY21.
· EPS stands at Rs. 1.62 per Equity share of the Face Value Rs.2 per share.
Q2FY21 (Standalone)
Revenues from operations for the quarter ended September 30th, 2020 (Q2FY21) stood at Rs. 965.57 crore as compared to Rs. 477.35 crore in Q2Y20. Likewise, the Total Income stood at Rs. 1015.16 crore in Q2FY21 as against Rs. 513.48 crore in Q2FY20.
The Company’s Core Earnings before Interest, Tax, Depreciation and Amortization (Core EBITDA) stands at Rs. 66.04 crore in Q2FY21, as against Rs. 33.82 crore in Q2FY20. The Company’s EBITDA margin stood at 11.39%.
Profit Before Tax (PBT) stood at Rs. 103.54 crore for Q2FY21 as compared to Rs. 60.13 crore in Q2FY20. The Company’s PBT margin stood at 10.20%.
Profit After Tax (PAT) reported stood Rs.76.21 crore for Q2FY21 as against Rs. 39.88 crore in Q2FY20. The Company’s PAT margin stood at 7.51%.
Earnings per share (EPS) for the quarter ended Q2FY21 stood at Rs.1.62 of the Face Value Rs.2 per share.
H1FY21 Highlights
· Total income stands at Rs. 1528.64 crore.
· Revenue from Operations stood at Rs. 1442.92 crore.
· Core EBITDA reported was at Rs. 99.86 crore.
· Profit Before Tax stands at Rs. 163.67 crore.
· Profit After Tax reported was at Rs. 116.09 crore
· EPS stands at Rs.2.47 of the Face Value Rs.2 per share.
Quarterly Highlights
In this quarter, we have bagged two orders worth approx. Rs. 2300 crore. Firstly, a works order for construction of nine Road over Bridges worth more than Rs 400 crore from Ministry of Railways, Government of India. Secondly, Railway Electrification Works for various routes of 2251 Route Kilo meter (RKM) worth approx. Rs.1900 crore on competitive bidding basis among PSUs from the Ministry of Railways, Government of India. Having ramped up our operations significantly and currently construction activities has reached at pre-covid levels.
As of September 30th 2020, the total order book stands at Rs. 31307.84 Crore. The break-up is which is as follows:
1- Railways: Rs. 29890.40 crore
2- Highways: Rs. 1417.44 crore
COVID Impact
The Company is actively monitoring the impact of the Covid-19 pandemic on its financial condition, liquidity, operations, work force etc. The Company has been able to resume operations at various project sites from the beginning of May’2020 in a gradual manner. The Company has made substantial improvement in its revenue from operations in the second quarter of 2020-21 as compared to the previous quarter (Quarter ended 30, June'2020). The Company expects to recover the carrying amount of its assets comprising property, plant and equipment, investment properties, intangible assets, right of use assets, inventory, advances, trade receivables, deferred taxes, other financial and non-financial assets etc. in the ordinary course of business based on information available on current economic conditions. The Company will continue to monitor closely any material changes to future economic conditions, while steps are being taken to improve its working efficiencies.
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