Ircon International (IRCON) Q2 24/25 earnings summary

Executive summary

• Consolidated operating revenue for Q2FY25 was ₹2,447.5 crore, down 19.3% year-over-year but up 7% sequentially; profit after tax was ₹205.9 crore, a 17.9% decline year-over-year and 8.1% lower sequentially.

• For H1FY25, consolidated operating revenue was ₹4,734.7 crore, down 18.3% year-over-year, with profit after tax at ₹429.9 crore, a 1.9% decrease.

• Unaudited standalone and consolidated financial results for the quarter and half year ended 30 September 2024 were approved, showing continued profitability.

• Financial statements were reviewed by the Audit Committee and received a limited review from statutory auditors.

Financial highlights

• Q2FY25 consolidated EBITDA was ₹251.8 crore, down 13% year-over-year; EBITDA margin improved by 75 bps to 10.3%.

• H1FY25 consolidated EBITDA was ₹511 crore, down 5.4% year-over-year; EBITDA margin rose 147 bps to 10.8%.

• Standalone Q2FY25 operating revenue was ₹2,298.9 crore, down 20.3% year-over-year; profit after tax was ₹202.2 crore, down 12.3%.

• Standalone H1FY25 operating revenue was ₹4,479.3 crore, down 18.7% year-over-year; profit after tax was ₹378.7 crore, down 3.4%.

• Earnings per share (consolidated, not annualized) for Q2FY25 was ₹2.19 basic and diluted.

Outlook and guidance

• Order book as of 30 September 2024 stands at ₹24,253 crore, with 52% of orders won through competitive bidding.

• No explicit forward-looking guidance provided, but management expects continued operational stability and no impairment in key investments.