Shares of this PSU company hit a fresh 52-week high today and are trading at 8x PE

Since the result announcement, the stock has rallied more than 15 per cent in just three trading sessions.

On November 16, shares of Ircon International Ltd hit a fresh 52-week high and were among the top-performer in BSE group ‘A’.  

Shares of Ircon International Ltd have surged 3.3 per cent and closed at Rs 57.5. The stock opened at Rs 56.05 and made an intraday high and low of Rs 62.1 and Rs 55.8, respectively.   

Ircon International Ltd is a PSU engaged in integrated engineering and construction, specialising in large and technologically complex infrastructure projects in various sectors such as railways, highways, etc.  

On November 12, the company announced its September Quarterly Results. Since the result announcement, the shares of Ircon International have rallied more than 15 per cent in just three trading sessions.    

For the recent quarter Q2FY23, on a consolidated basis, the total revenue from operations increased by 37 per cent YoY and came in at Rs 2,239 crore. For the same quarter, EBITDA jumped up YoY by 44 per cent. While the net profit improved YoY by 38 per cent from Rs 126 crore in Q2FY22 to Rs 174 crore in Q2FY23. In all, the company had reported a good set of numbers.    

  As per September quarterly filings, the Government of India hold 73.18 per cent ownership in the company, non-institutional investors hold 23.52 per cent, FIIs hold 1.96 per cent, and the rest 1.08 per cent is held by DIIs.  

The company's market capitalisation is Rs 5610 crore and currently trades at a PE multiple of 8.3x. The stock has a 52-week high and low of Rs 62.1 and Rs 34.8, respectively.