IRCON International (IRCON) Q3FY21 PAT was 12% lower than our estimate. This is led by lower execution and EBITDA margin. Revenue increased by 10% YoY vs. our estimate of 15%. However, with covid pandemic stabilizing, execution of projects has started to pick up. For FY22E, IRCON guides for revenue of Rs70bn and Rs100bn for FY23E. Q3FY21 Order book at Rs328bn equals to 7xTTM revenue and YTDFY21 it has received order inflow of Rs40bn. IRCON has announced interim dividend of Rs1.3/sh and bonus issue is deferred pending approval from Ministry of Railway. For FY21, we have modelled DPS of Rs3.7/sh (payout 46%). Maintain BUY rating with an unchanged EPS and TP of Rs110...