Ircon International (IRCON) Q3 24/25 earnings summary

Executive summary

• Q3 FY25 results were subdued due to completion of major cost-plus jobs, one-off provisions for project losses and maintenance, and a 10.8% year-over-year decline in consolidated operating revenue to ₹2,613 crore.

• Consolidated Q3 FY25 profit after tax was ₹86.1 crore, a 64.8% decline year-over-year, while standalone PAT was ₹140.7 crore, down 24%.

• Board approved unaudited standalone and consolidated financial results for Q3 and nine months ended 31 December 2024.

• Interim dividend of ₹1.65 per equity share declared for FY 2024-25, with payment from 28 February 2025.

Financial highlights

• Q3 FY25 consolidated EBITDA margin dropped to 5.3% from 10.1% year-over-year; standalone EBITDA and PAT margins also declined.

• Standalone total income for Q3 FY25 was ₹2,570.17 crore; consolidated: ₹2,691.90 crore.

• Earnings per share 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 ₹22,000 crore, with 90% domestic and 78% in railways.

• One-off provisions included ₹38 crore loss on a project and ₹45 crore maintenance provision in a subsidiary.

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.

• Forward-looking statements highlight risks from competitive, regulatory, and macroeconomic factors.