IRCON International added 3.17% to Rs 288.45 after the company announced that its joint venture IRCON-PARAS-PCM has been awarded a letter of award (LoA) from Rail Vikas Nigam for a project worth Rs 750.82 crore.
This contract covers the design, supply, installation, testing, and commissioning of a broad gauge ballastless track (BLT) system for a new 125 km railway line between Rishikesh and Karanprayag in Uttarakhand, India.
Additionally, the contract includes the supply of ballast and traditional track installation (excluding rails and sleepers) within a specific chainage (6+015 FLS to 125+200 FLS) of the project.
The said project has to be completed within a period of 42 months.
The share of IRCON, Paras Railtech (PARAS) and PCM Strescon Overseas Ventures (PCM) in the said JV is 60%, 25% and 15%, respectively.
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Accordingly, IRCON share in the aforementioned project would be Rs 450.492 crore.
IRCON International is a public sector construction company, with emphasis on infrastructure projects, with specialization in execution of Railway projects on turnkey basis and otherwise. After commencing business as a railway construction company, it diversified progressively to roads, buildings, electrical substation and distribution, airport construction, commercial complexes, as well as metro rail works.
The company's consolidated net profit declined 3.76% to Rs 246.84 crore on a 1% fall in revenue to Rs 3,742.71 crore in Q4 FY24 over Q4 FY23.
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