IRCON share price jumps over 8% to hit a record high after strong Q1 results

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IRCON International share price rallied over 8% to hit a record on Wednesday after the railway PSU reported strong growth in Q1 results. IRCON share price jumped as much as 8.12% to its all-time high of ₹107.80 apiece on the BSE. IRCON shares have witnessed a sharp upmove this year.

IRCON stock price has jumped 80% YTD, while it has rallied more than 172% in the last one year. The state-run engineering and construction firm IRCON International posted a net profit of ₹187 crore for the quarter ended June 2023, recording a growth of 29.6% compared to ₹144.6 crore in the corresponding period last year. Read here: IRCON Q1 Results: Net profit rises 30% to ₹187 crore, revenue up 36% YoY The company’s revenue from operations in Q1FY24 jumped 35.7% to ₹2,712.2 crore from ₹2,001.9 crore in the year-ago period.

IRCON International said that it achieved the highest turnover in Q1FY24. On the operating front, the railway PSU’s earnings before interest, taxes, depreciation, and amortization (EBITDA) during the June quarter came in at ₹208.8 crore, reporting a growth of 31.2% as against ₹159 crore, YoY. EBITDA margin in Q1, however, eased to 7.8% from 8% year-on-year.

Also Read: IRCTC Q1 Results Live: Net profit likely to rise 6.7% to ₹262 crore; revenue growth seen at 9.3% YoY IRCON International’s total order book during the June quarter stood at ₹32,486 crore, out of which railways accounted for ₹23,613 crore, highways for ₹6,906 crore, and others accounted for ₹1,967 crore. At 10:25 am, IRCON International share price was trading 7.82% higher at ₹107.50 apiece on the BSE. Catch Live Market Updates hereGet the best recommendations on Stocks, Mutual Funds and more based on your Risk profile!