IRCON · Construction
IRCON International Ltd. reported revenue of ₹2,930 cr for October to December 2023, — on the year and −1.9% on the quarter.
Operating profit (EBITDA) was ₹259 cr, a margin of 8.8%, — on the year and +161 bps on the quarter.
Net profit was ₹245 cr, — on the year and −2.4% on the quarter, with earnings per share of ₹2.60.
Capital goods and EPC revenue follows project execution, which makes quarters uneven; the order book and new orders tell more about the year than one quarter does. The quarterly statements do not carry the order book, new orders and working capital; those come with the filing read.
Written from the quarterly statements. The filing read adds the balance sheet and cash flow, the auditor's review, segment results, one-off items line by line and what management said on the call.
Other income is carrying a large and rising share of profit. Treasury gains, interest, or one-off?
Other income was 38% of profit before tax.
Source: Quarterly statements
Could not run on this quarter: Headline vs core profit, Exceptional items that recur, Operating margin on the year, Depreciation falling, Finance cost rising, Swing to loss or profit, Cash behind the profit, Receivables against sales, Inventory against sales, Borrowing while holding cash, Auditor's review or audit report, IPO money used as stated, Related-party transactions, Exits, postponements, restatements, Promoter pledges and allotments, Earlier promises against delivery, When the results were filed. Most need the filing read (balance sheet, cash flow, auditor, disclosures).
| Q2 FY24 | Q3 FY24 | Q4 FY24 | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | ₹2,987 cr | ₹2,930 cr | ₹3,787 cr | ₹2,287 cr | ₹2,448 cr | ₹2,613 cr | ₹3,412 cr | ₹1,786 cr | ₹1,977 cr | ₹2,119 cr | ₹3,189 cr | ₹1,956 cr |
| YoY | — | — | — | −17% | −18% | −11% | −10% | −22% | −19% | −19% | −7% | +10% |
| EBITDA margin | 7.2% | 8.8% | 8.4% | 11.0% | 8.2% | 5.1% | 7.4% | 11.2% | 7.1% | 7.5% | 8.4% | 9.8% |
| Other income, % of PBT | 54% | 38% | 30% | 38% | 54% | 65% | 39% | 58% | 91% | 83% | 49% | 69% |
| Exceptional items | — | — | — | — | — | — | — | — | — | — | — | — |
| Tax rate | 24% | 22% | 31% | 20% | 22% | 35% | 19% | 22% | 21% | 26% | 23% | 27% |
| Net profit | ₹251 cr | ₹245 cr | ₹247 cr | ₹224 cr | ₹206 cr | ₹86.0 cr | ₹212 cr | ₹164 cr | ₹137 cr | ₹100 cr | ₹191 cr | ₹92.0 cr |
| YoY | — | — | — | +20% | −18% | −65% | −14% | −27% | −33% | +16% | −10% | −44% |
| Core profit YoY | — | — | — | −12% | −21% | −76% | −36% | −50% | −87% | −50% | −21% | −55% |
| EPS | ₹2.67 | ₹2.60 | ₹2.62 | ₹2.38 | ₹2.19 | ₹0.92 | ₹2.24 | ₹1.75 | ₹1.47 | ₹1.07 | ₹2.04 | ₹0.99 |
| Flags | 1 | 1 | 1 | 3 | 2 | 3 | 1 | 2 | 2 | 3 | 2 | 2 |
Each quarter is read with the same rules. Balance-sheet and cash checks run on half-year and annual quarters; filing-read checks run where a read exists.
IRCON International Ltd. reported revenue of ₹2,930 cr (— on the year) and net profit of ₹245 cr (— on the year) for October to December 2023.
1 check raised a question: Other income is carrying a large and rising share of profit. Treasury gains, interest, or one-off?
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