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 19.57%-20% year-over-year increase.

• Standalone Q1 FY25 revenue was ₹2,180 crore, with PAT at ₹177 crore, a 9.19% increase year-over-year.

• Annual FY24 consolidated revenue reached ₹12,514 crore, with PAT of ₹930 crore, up 21.47% year-over-year.

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

• Appointment of new cost and secretarial auditors for FY 2024-25.

Financial highlights

• Q1 FY25 consolidated EBITDA margin improved to 11.34%, up 226 bps year-over-year.

• Q1 FY25 consolidated EPS was ₹2.38, up 19.69% year-over-year.

• Consolidated net profit margin for Q1 FY25 is approximately 9.4%.

• 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 similar to FY24, with Q2 also expected to be mild.

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

• 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%).