Ircon Intl gains on bagging order from Sri Lanka Railways

Ircon International rose 1.39% to Rs 65.75 after the company said it has won an order for signalling and telecommunication system from Sri Lanka Railways.

Ircon International (IRCON) has been awarded the work for procurement of design, installation, testing, commissioning and certifying of signalling and telecommunication system from Maho Junction (including) to Anuradhapura (excluding) by Sri Lanka Railways, Ministry of Transport, Sri Lanka. The project is under Indian Line of Credit at a total price of $14.89 million (approximately Rs 122 crore).

This work has been awarded on competitive bidding basis and the contract period will be 24 months from the date of signing of the contract agreement.

Ircon International is a public sector construction company, with emphasis on infrastructure projects, with specialization in execution of Railway projects on turnkey basis and otherwise. After commencing business as a railway construction company, it diversified progressively to roads, buildings, electrical substation and distribution, airport construction, commercial complexes, as well as metro rail works.

On consolidated basis, the company's net profit rose 38.3% to Rs 174.18 crore on 47% jump in revenue from operations to Rs 2,238.85 crore in Q2 F23 over Q2 FY22.

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