IRCON international (IRCON) Q2FY22 PAT came 10% higher than our estimate. This is led by higher other income. H1FY22 revenue increased by 71% YoY and IRCON targets FY22E Revenue at ~Rs60-70bn but expect softness in margin. Based on guidance, H2FY22 implies revenue to increase by 1% to 29% YoY. But due to expectation of weak margin we have cut EPS for FY22E/23E by 9%/10% (exhibit 8). H1FY22 Order book at Rs349bn provides revenue visibility at 6x TTM Revenue. YTDFY22 order inflow (won on competitive bidding) is at Rs27bn and additionally company emerged as L-1 bidder in project worth Rs86bn. We have roll forward TP to FY24E at Rs58, valued at PER of 10x...