Ircon International reports Rs 34.46 crore net profit in June quarter

State-owned engineering and construction firm Ircon International Ltd on Tuesday reported a consolidated net profit of Rs 34.46 crore for the quarter ended June.

It had clocked a consolidated net profit of Rs 144.66 crore in the corresponding period a year ago, it said in a regulatory filing.

As per the filing, the results for the quarter are "not comparable with those of the previous quarters" as the company's revenue from operations for the quarter has reduced substantially due to nationwide lockdown imposed to contain the spread of COVID-19".

Ircon's total income in the latest June quarter was at Rs 549.29 crore as against Rs 1,127.98 crore in the year-ago period.

"The Company/Group is actively monitoring the impact of the COVID-19 pandemic on its financial condition, liquidity, operations, work force etc," it said, adding that revenue from operations for the quarter reduced substantially due to nationwide lockdown imposed to contain the spread of COVID-19.

According to the company, it has been able to resume operations at various project sites from the beginning of May 2020 in a gradual manner.