IRCON International gained 1.46% to Rs 48.40 after the PSU company posted a 47.69% jump in consolidated net profit to Rs 170.43 crore on 29.2% rise in revenue from operations to Rs 2,421.65 crore in Q4 FY21 over Q4 FY20.
Profit before tax jumped 78% to Rs 276.29 crore in Q4 FY21 as against Rs 155.17 crore in Q4 FY20. The company said its operations recovered further during the fourth quarter from the economic slowdown caused by the Covid-19 pandemic. The company expects to recover the carrying amount of its financial and non financial assets in the ordinary course of business.The PSU company registered a 19.4% decline in consolidated net profit to Rs 391.06 crore in the year ended March 2021 (FY21) over year ended March 2020 (FY20). Revenue from operations grew marginally to Rs 5,341.96 crore in FY21 over FY20.
Meanwhile, the company has declared a dividend of Rs 1.32 per share for the year.
Meanwhile, IRCON said on Wednesday that it it has furnished a corporate guarantee to Bank of Baroda for providing the term loan of Rs 724.12 crore to Ircon Vadodara Kim Expressway (IrconVKEL), a special purpose vehicle (SPV) (a wholly owned-subsidiary) of IRCON.
Post disbursal of loan by Bank of Baroda to IrconVKEL, IrconVKEL will repay the existing loan of IRCON of Rs 589.50 crore, thereby reducing the financial investments of IRCON.
IRCON International is an engineering and construction, specialized in transport infrastructure and is wholly owned by the Ministry of Railways. As of 31 March, the Government of India held 73.18% stake in the company.
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