Rs 29,436 crore order book and FIIs & DIIs increase stake: This multibagger railway stock secures new orders worth Rs 1,198 crore!

Shares of the company grew by about 230 per cent in the last one year.

Ircon International Limited (IRCON) partnered with Dineshchandra R Agrawal Infracon Pvt Ltd (DRA) to form a joint venture (Ircon-DRA JV) that has been awarded a contract to construct a section of the Kottavalasa-Koraput Doubling Project. This project is located between Shivalingapuram Station and Borraguhalu Station on the East Coast Railway's Waltair Division. The contract, valued at Rs. 1198.09 crore, will be executed using the Engineering, Procurement, and Construction (EPC) mode over a period of 1260 days. This is a domestic contract awarded by an Indian entity.

In Q3FY24, the company posted a 22.92 per cent decrease in its consolidated revenue at Rs 2884.22 crore compared to Rs 2346.51 crore from the previous year’s corresponding quarter. The operating profit of the company stood at Rs 341.03 crore, while the PAT of the company stood at Rs 207.59 crore, from Rs 199.03 crore last year in the same quarter. The shares of the company have multibagger returns of about 230 per cent in the last one year and FIIs and DIIs increased their stake in the company in March 2024 respectively.

Ircon International Limited (IRCON) commenced its business in 1976 as a railway construction company, it diversified progressively since 1985 as an integrated engineering and construction PSU specializing in large and technologically complex infrastructure projects in various sectors such as railways, highways, etc. The company has an order book of Rs 29,436 crore.

The stock has shown impressive growth, and investors should keep a close eye on this stock.

Disclaimer: The article is for informational purposes only and not investment advice.