Ircon International (IRCON) Q3 24/25 earnings summary

Executive summary

• Q3 FY25 consolidated revenue was ₹2,613 crore, with PAT at ₹86.1 crore, reflecting subdued results due to project completions, one-off provisions, and a 64.8% year-over-year PAT decline.

• For 9MFY25, consolidated revenue was ₹7,348 crore and PAT ₹516.1 crore, both down year-over-year.

• Standalone Q3 FY25 revenue was ₹2,470 crore with PAT at ₹140.7 crore, down 24% year-over-year.

• Board approved unaudited results and declared an interim dividend of ₹1.65 per share for FY25.

• Change in Compliance Officer effective 11 February 2025.

Financial highlights

• Q3 FY25 consolidated EBITDA margin contracted to 5.3% from 10.1% year-over-year; standalone EBITDA margin fell to 3.6%.

• EPS for Q3 FY25 was ₹0.92 (consolidated) and ₹1.50 (standalone), both down over 20% year-over-year.

• Order book as of 31 December 2024 stood at ₹21,939 crore, with 90% domestic and 53% from competitive bidding.

• Cash and bank balance at ₹820 crore; investments in equity/PPP projects at ₹230 crore for nine months, with ₹900 crore more planned.

• Interim dividend payout of ₹1.65 per share for FY25.

Outlook and guidance

• FY25 standalone revenue guidance is ₹10,000–11,000 crore, with consolidated adding ₹400–500 crore.

• PAT margin expected to dip by 0.5% in FY25 and further to 5–5.5% in FY26 due to competitive pressures.

• Order inflow for FY25 expected at ₹2,700–2,900 crore; no significant uptick anticipated before year-end.

• Management highlighted ongoing challenges in the competitive and regulatory environment.