IRCON Operating Revenue up by 33%

New Delhi, 08 February 2023: Ircon International Limited, a Miniratna (category – I) schedule A public sector enterprise and a leading turnkey construction company in the public sector, has announced its financial results for the third quarter and nine months ended on December 31, 2022.

Key Financial Highlights for the quarter ended December 31, 2022 (Consolidated):

  • Total income stands at 2,422 crore in Q3FY23 as against Rs.1,817 crore in Q3FY22.
  • Revenue from Operations during the quarter increased to 2,347 crore as against Rs.1,762 crore in Q3FY22.
  • Core EBITDA was  at  158  crore  as  compared  to  Rs.166  crore  in  Q3FY22.  The

Company’s Core EBITDA margin stood at 6.72%.

  • Profit Before Tax stands at 178 crore in Q3FY23 as against Rs.179 crore in Q3FY22.
  • Profit After Tax increased to 190 crore in Q3FY23 as against Rs.136 crore in Q3FY22.
  • EPS stands at 2.02 per equity share of the face value of Rs.2/- per share.

Key Financial Highlights for the 9 months ended December 31, 2022 (Consolidated):

  • Total income stood at 6,796 crore as against Rs.4,575 crore in 9MFY22.
  • Revenues from operations for the period nine months ended December 31, 2022, increased to 6,587 crore as compared to Rs.4,427 crore in 9MFY22.
  • Core EBITDA stands at 544 crore in 9MFY23 as against Rs.434 crore in 9MFY22. The Company’s Core EBITDA margin stood at 8.26%.
  • Profit Before Tax for 9MFY23 stood at 590 crore as compared to Rs.468 crore in 9MFY22.
  • Profit After Tax for 9MFY23 increased to 509 crore as against Rs.350 crore in 9MFY22.
  • EPS stands at 5.41 per equity share of the face value of Rs.2/- per share.


The company’s Board of Directors has approved dividend of Rs.1.80 per equity share on the face value of Rs.2/- per share.

Order Book

During the third quarter, Ircon International Limited has secured order from Sri Lanka Railways under Indian Line of Credit at a total price of USD 14.89 Million equivalent to approx. Rs.122 crore for procurement of Design, Installation, Testing, Commissioning and Certifying of Signalling and Telecommunication system from Maho Junction (Including) to Anuradhapura (Excluding).


The total order book as on 31.12.2022 stands at Rs.38,023 crore. The break-up of which is as follows:

  • Railways – 28,834 crore,
  • Highways – 7,220 crore, and
  • Others – 1,969 crore.

Project Milestone

During the quarter, IRCON has achieved a major milestone with the excavation of the escape tunnel on the T-49 line in Jammu & Kashmir. The tunnel, measuring 12.76 km, is the longest railway tunnel in India, connecting Sumber Station (at 1418m MSL) and Arpinchala Station (at 1562m MSL).

Particulars Q3FY23 Q3FY22 Growth%
Total Revenue 2,330.13 1,709.11 36.34%
Operating Revenue 2,236.86 1,628.91 36.48%
Core EBITDA 128.48 106.76 20.34%
PBT 212.95 169.11 25.92%
PAT 227.42 129.90 75.07%
EPS (Rs./Share) (FV-Rs.2/Share) 2.42 1.38 75.36%


Financial Performance (Standalone): Q3FY23 (Rs. Crore)


9MFY23 (Rs. Crore)

Particulars 9MFY23 9MFY23 Growth%
Total Revenue 6,487.66 4,315.88 50.32%
Operating Revenue 6,251.27 4,113.07 51.99%
Core EBITDA 390.18 277.95 40.38%
PBT 598.73 456.17 31.25%
PAT 528.65 347.23 52.25%
EPS (Rs./Share) (FV-Rs.2/Share) 5.62 3.69 52.30%


Industry Outlook/Way forward:

One of the main forces behind the PM Gati Shakti programme and the National Logistics Policy is the Railways. In the recent Budget 2023, Finance Minister Nirmala Sitharaman announced a record allocation of Rs.2.4 lakh crore for Indian Railways which demonstrates the government’s ongoing focus on massive infrastructure expansion and job creation in coming years ahead. Given the considerable number of ongoing and proposed projects, the sector has enormous room for growth and provides a challenging environment in which the company will stand firm and seize opportunities for expanding its operations in order to continue adding value for its stakeholders.

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