IRCON International drops after weak Q2 numbers

Ircon International declined 4.71% to Rs 417.50 after consolidated net profit fell 4.35% to Rs 82.82 crore on 26.43% increase in net sales to Rs 1,237.36 crore in Q2 September 2019 over Q2 September 2018.

The result was declared after trading hours yesterday, 13 November 2019.

Meanwhile, the S&P BSE Sensex was up 138 points or 0.34% to 40,253.88.

Ircon International has recognised provision for income tax for the quarter and half year ended 30 September 2019 and remeasured its deferred tax assets recognising the effect of change by revising the annual effective income tax rate. The rate of income tax is changed from 34.94% to 25.16% during the quarter and six months ended 30 September 2019. The measurement of accumulated deferred tax asset has resulted in a one-time additional charge of Rs 40.46 crore.

Ircon International is engaged in the construction of transportation infrastructure. The company's primary charter is the construction of railway projects in India and abroad. The firm has diversified into other transport and infrastructure segments and with its expanded scope of operations.

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