Rs 24,253 crore order book: Infrastructure company bags new order worth Rs 631,20,00,000 from Office of the Project Director, EAP, PWD Manipur
The stock gave multibagger returns of 270 per cent in just 2 years whereas BSE Sensex Index is up by 30 per cent.
On Friday, shares of Ircon International surged 9.40 per cent to an intraday high of Rs 221.65 per share from its previous closing of Rs 202.60 per share. The shares of the company saw spurt in volume by more than 1.20 times on BSE.
Ircon International Limited (IRCON) has secured a Rs 631.20 crore EPC contract (including GST) as part of a joint venture with AMRIL (IRCON's share: 26 per cent or Rs164.11 crore). The contract, awarded by the Office of the Project Director, Externally Aided Projects (EAP), Public Works Department (PWD) Manipur, involves the "Construction of Rigid Pavement and Lined Drain of Selected Roads under Imphal East Division (ED – 2) – Package 3," covering a total road length of 122.209 km. The project is domestic and is expected to be completed within 36 months.
Previously, they secured a substantial Rs 89 crore contract from Northeast Frontier Railway for outsourced Traction Distribution (TRD) Maintenance & Breakdown attention across 20 OHE Depots in the Tinsukia and Lumding Divisions, with contract values of approximately Rs 39 crore and Rs 50 crore respectively. These domestic, fixed-price contracts are slated for completion within 24 months. Furthermore, the IRCON-PARAS-PCM joint venture, comprised of IRCON (60 per cent), Paras Railtech (25 per cent), and PCM Strescon (15 per cent), was awarded a Rs 750 crore contract by Rail Vikas Nigam Ltd (RVNL) for the construction of a 125 km broad gauge ballastless track between Rishikesh and Karanprayag in Uttarakhand, a project anticipated to take 42 months.
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About the Company
Ircon International is a leading Indian infrastructure company specializing in railways and highways. Founded in 1976, it has executed over 400 domestic and 128 international projects. Offering engineering, procurement, construction, and project management services, Ircon is involved in both public and private sector projects.
Order Book Update: The total order book as of September 30, 2024, stands at Rs 24,253 crore.
The break-up of which is as follows:
- Railways – Rs 18,959 crore
- Highways – Rs 5,210 crore and
- Others – Rs 84 crore.
IRCON is a PSU company with a market cap of over Rs 20,000 crore and reported positive numbers in its Quarterly Results (Q2FY25) and half-yearly results (H1FY25). The stock gave multibagger returns of 270 per cent in just 2 years whereas BSE Sensex Index is up by 30 per cent. Investors should keep an eye on this railway construction company’s stock.
Disclaimer: The article is for informational purposes only and not investment advice.