Ircon International (IRCON) Q1 24/25 earnings summary

Executive summary

• Q1 FY25 consolidated revenue was ₹2,385 crore, with PAT of ₹224 crore, reflecting a 19.6%-20% year-over-year increase.

• Standalone Q1 FY25 revenue was ₹2,180 crore, with PAT of ₹177 crore, both up year-over-year.

• Unaudited financials for Q1 FY25 were approved, showing continued profitability and operational stability.

• Board approved closure and voluntary liquidation of IRSDC, with assets to be transferred to RLDA.

• Order book as of June 30, 2024, stood at ₹26,034 crore, with 51% from competitive bids and 91% domestic.

Financial highlights

• Consolidated core EBITDA margin improved to 11.3% in Q1 FY25 from 9.1% in Q1 FY24.

• Consolidated EPS for Q1 FY25 was ₹2.38, up from ₹1.99 in Q1 FY24.

• Other income rose due to higher dividend, FD, and mutual fund income.

• Cash and bank balance is ₹4,000 crore, with ₹820 crore as own funds.

• Consolidated total assets as of June 30, 2024, were ₹17,629.07 crore; total liabilities were ₹11,498.61 crore.

Outlook and guidance

• FY25 revenue expected to be flat versus FY24 due to project completions and external factors.

• Order inflow guidance for FY25 is ₹10,000-12,000 crore.

• Long-term target is to double turnover in 5-6 years.

• Core EBITDA margin for FY25 expected to remain at FY23-24 levels (6.5%-7.5%).

• No impairment foreseen in investments related to IRSDC and other joint ventures under closure or transfer.