Ircon International share price up by 2% on the upgrade of a railway line in Sri Lanka

Tanushree Jaiswal 18th July 2023 - 03:58 pm

Ircon International share price increased by 2%, a prominent player in railway construction projects, during early trade on July 17. The positive market response followed the company's announcement of successfully commissioning the first phase of the Maho to Omanthai track rehabilitation project, in collaboration with Sri Lanka Railways.

The completion of this significant project marks another milestone for Ircon International, showcasing its expertise in executing railway infrastructure initiatives. The company specializes in various aspects of railway construction, including tracks, electrification, tunnels, signaling, and communication.

In addition to its operational achievements, Ircon International also reported robust financial performance for the March quarter. The company recorded a remarkable 25% growth in its profit after tax, amounting to ₹248 crore. This significant improvement can be attributed to higher income generated during the quarter compared to the same period in the previous year, where the company reported a net profit of ₹197 crore.

Furthermore, Ircon International's total revenue witnessed an impressive surge of 32% during the March quarter, reaching ₹3,773 crore. In the corresponding quarter of the previous year, the company's total revenue stood at ₹2,865 crore. This substantial increase in revenue highlights the company's strong market position and its ability to deliver successful projects.

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Tanushree Jaiswal

Disclaimer: Investment/Trading in securities Market is subject to market risk, past performance is not a guarantee of future performance. The risk of loss in trading and investment in Securities markets including Equites and Derivatives can be substantial.

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