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...

Ircon International Ltd. is trading below all available SMAs

Ircon International Ltd.

18 Aug 2021

149.60

2.68%

IRCON International: Q1FY22 Result Review

Buy: Ircon International Ltd.

Target

IDBI Capital

Order inflow guidance of Rs60-70bn for FY22: Q1FY22 IRCON's Order book stood at Rs343bn equals 6x TTM Revenue with 95%/ 5% of order book from Railway/ Highway sector and geography wise international order book at 5% and domestic at 95%. For all the orders tenders are already invited and they are in execution stage. Q1FY22 IRCON order inflow stood at Rs7bn in Q1FY22. Going forward, company expects an order inflow of Rs60-70bn in FY22 driven by domestic and international region. Maintain strong revenue guidance: IRCON targets FY22E revenue at ~Rs65-70bn. And, company is aiming for EBITDA margin at 9-9.5% for FY22. EBITDA margin is...

Ircon International Ltd. has lost -33.87% in the last 6 Months

Ircon International Ltd.

05 Jul 2021

149.60

2.68%

IRCON International: Q4FY21 Result Review

Buy: Ircon International Ltd.

IDBI Capital

IRCON international (IRCON) Q4FY21 PAT was lower (11%) than our estimate. This was led by lower EBITDA margin. As segment wise, International EBIT margin was lower YoY. But execution (revenue) was better than estimate and in Q4FY21 it increased by 26% YoY and 82% QoQ. IRCON guides revenue to increase by 40% YoY in FY22 and EBITDA margin to increase by 200bps YoY as company is executing high margin orders in FY22E. In FY21 IRCON received order inflow of Rs42bn and 99% was from competitive bidding. FY21 Order book of Rs347bn, comprises 22% from competitive bidding. IROCN has increased dividend payout to 61% vs 46% In FY20 and paid DPS of Rs2.6/sh in FY21...

Ircon International Ltd. is trading below all available SMAs

Ircon International Ltd.

17 Feb 2021

149.60

2.68%

IRCON International: Q3FY21 Result Review

Buy: Ircon International Ltd.

IDBI Capital

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...

Ircon International .. has an average target of 268.00 from 2 brokers.

Is Ircon International Ltd. worth buying?

1130 Votes:

Buy 76.9%

Sell 11.59%

Hold 11.5%

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