Ircon International Q1 Review - Guidance Maintained: IDBI Capital
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IDBI Capital Report
Ircon international Ltd.'s Q1 FY22 profit after tax came 25% lower than our estimate.
Weak Q1 is led delay in execution of Gurgaon Rewari order.
However, in Q2 FY22 Ircon International has commenced its execution and is targeting revenue of Rs 65-70 billion in FY22E with Ebitda margin of 9-9.5%.
Q1 FY22 order book at Rs 343 billion provides revenue visibility at six times trailing twelve months revenue with 95%/ 5% of order book from railway/ highway sector.
Order book includes order inflow of Rs 7 billion received in Q1 and full year target of Rs 60-70 billion of inflow.
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