Ircon International Q3 Review - Guidance Of Strong Growth In FY22: IDBI Capital

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IDBI Capital Report

Ircon International Ltd.’s Q3 FY21 profit after tax was 12% lower than our estimate. This is led by lower execution and Ebitda margin. Revenue increased by 10% YoY versus our estimate of 15%.

However, with Covid-19 pandemic stabilising, execution of projects has started to pick up.

For FY22E, the company guides for revenue of Rs 70 billion and Rs 100 billion for FY23E.

Q3 FY21 order book at Rs 328 billion equals to seven times trailing twelve months revenue and year-to-date FY21 it has received order inflow of Rs 40 billion.

The company has announced interim dividend of Rs 1.3/share and bonus issue is deferred pending approval from Ministry of Railway.

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