Ircon International Q4 net profit falls over 55 pc to Rs 95 cr

State-owned engineering and construction firm Ircon International Ltd Tuesday said its standalone net profit fell by 55.81 per cent to Rs 95.59 crore during the quarter ended March 31, on account of higher expenses.

The company had clocked a net profit of Rs 216.35 crore during the corresponding quarter a year ago, Ircon said in a BSE filing.

Its total income rose to Rs 1,606.32 crore from Rs 1,573.75 crore in the year-ago period.

During the January-March 2019 period, its total expenses stood at Rs 1,382.73 crore, higher from Rs 1281.00 crore in the year-ago period.

Ircon International Ltd (Ircon), under the railways ministry, is a leading turnkey construction company having presence in several states of India and countries like Malaysia, Nepal, Mozambique, Ethiopia, Afghanistan, the United Kingdom (UK), Algeria and Sri Lanka.

The company recently won an international railway contract worth of USD 91.27 million from Sri Lanka Railways under the Ministry of Transport and Civil Aviation, Government of Sri Lanka.

Shares of the company on Tuesday rose 2.58 per cent to Rs 427.35 apiece on the BSE.