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Ircon International’s shares are grabbing attention after the company signed a Memorandum of Understanding (MoU) with Patel Engineering Limited. This agreement aims to collaborate on various infrastructure projects in India and abroad.
The stock is also in the spotlight due to recent changes in shareholding for the September quarter. Mutual funds reduced their stake in Ircon, dropping from 1.67% in June to just 0.31% by September 30. Notably, the Quant Active Fund exited its position during this time after holding a 1.15% stake.
Foreign institutional investors (FIIs) also cut their holdings, reducing their stake from 4.17% to 3.94%. In contrast, retail investors increased their stake to 25.56%, up from 23.41% in the previous quarter.
For Q1 FY25, Ircon reported a 17% decline in consolidated revenue, totaling ₹2,287.1 crore compared to ₹2,763.8 crore last year. However, net profit rose by 19.5% to ₹224 crore due to lower expenses.
The company’s Earnings Before Interest, Tax, Depreciation, and Amortisation (EBITDA) remained steady, with a slight decline of 2% to ₹250.6 crore. The EBITDA margin improved to 11% from 9.2% last year.
According to Trendlyne data, Ircon International’s average target price is ₹242, suggesting a potential 7% increase from current prices. However, the consensus recommendation from three analysts is to ‘Sell.’ Ircon’s shares have gained 30% in 2024 so far and an impressive 432% over the past two years, with a market capitalization of ₹21,250 crore.
Disclaimer: The views and investment tips expressed by investment experts on Sharepriceindia.com are their own and not those of the website or its management. Sharepriceindia.com advises users to check with certified experts before taking any investment decisions.
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