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Ircon International
13-Jul-20   09:30 Hrs IST

Ircon International registered 17% growth in its standalone revenue for the quarter ended Mar 2020 to Rs 1788.32 crore. But with 310 bps contraction in operating profit margin to 7.2% has dragged the operating profit down by 18% to Rs 129.53 crore. The other income was down by 43% to Rs 42.23 crore and thus the PBIDT was down by 26% to Rs 171.76 crore. After lower interest cost (down 6% to Rs 4.38 crore) and higher depreciation (up 118% to Rs 5.87 crore) the PBT was down by 28% to Rs 161.51 crore. The taxation was down by 52% to Rs 45.31 crore, thus the fall at PAT moderated to stand at 10% to Rs 116.20 crore. But with PPT being a write back of Rs 6.22 crore (compared to a provision of Rs 33.61 crore in corresponding previous period) the net profit after PPT was up by 28% to Rs 122.42 crore.

  • Operating profit margin expanded by 120 bps to 7.7% and that is largely due to fall in all cost heads except project expenses. Material cost as % to sales net of stocks was down by 580 bps to 12%. However the project expense was down by 240 bps to 76%. And the staff cost was down by 40 bps to 3.8%. The other expense was flat at 1.1%.
  • Effective April 1, 2019, the Company has adopted IND AS 116 Leases, applied to all lease contracts existing on April 1, 2019 using the modified retrospective method and has taken the cumulative adjustment to retained earnings, on the date of initial application. Accordingly, comparatives for the year ended March 31, 2019 have not been retrospectively adjusted.

Consolidated sales were up by 4% to Rs 1873.35 crore. But with OPM contract by 220 bps to 8.3%, the operating profit was down by 18% to Rs 154.97 crore. The PBT (before share of profit from associate & EO) was down by 31% to Rs 151.19 crore hit further by lower other income and higher depreciation. The share of profit from associate was down by 41% to Rs 3.98 crore and thus the PBT was down by 32% to Rs 155.17 crore. With taxation stand higher by 14% to Rs 106.75 crore, the PAT was down by 64% to Rs 48.42 crore. PPT was a write back of Rs 66.98 crore compared to a provision of Rs 33.62 crore and thus the net profit after PPT was up by 16% to Rs 115.40 crore.

Yearly performance

Sales was up by 18% to Rs 5202.45 crore and the operating profit margin was up by 60 bps to 9.2%, the operating profit was up by 26% to Rs 476.54 crore. The PBT was up by 9% to Rs 672.57 crore hurt by lower other income, higher interest and higher depreciation. The taxation was lower by 5% to Rs 209.37 crore and thus the PAT was up by 18% to Rs 463.20 crore. The net profit was eventually up by 10% to Rs 489.78 crore as the PPT write back was down by 48% to Rs 26.58 crore.

The consolidated sales was up by 12% to Rs 5391.51 crore and the operating profit was up by 26% to Rs 603.99 crore facilitated by higher sales and 120 bps expansion in OPM to 11.2%. After accounting for lower other income, higher interest and depreciation the PBT was up by 8% to Rs 671.70 crore. Eventually the net profit was up by 8% to Rs 485.11 crore.

The parent company has elected to exercise the option permitted under section 115BAA of the Income Tax Act, 1961 as introduced by the Taxation Laws (Amendment) Ordinance. 20 19. Accordingly, the parent company has recognized Provision for Income Tax for the quarter and half year ended 30th September 20 19 and re-measured its deferred tax assets basis the rate prescribed in the aforesaid section and recognized the effect of change by revising the annual effective income tax rate. The rate of income tax is changed from 34.944% to 25.168% during the quarter ended 30th September 2019. There-measurement of accumulated deferred tax asset has resulted in a one-time additional charge of Rs 40.46 crore.

Order book

Order book of the company as end of March 31, 2020 was healthy at Rs 30713 crore.

Dividend

The BoD has recommended a Final Dividend of Rs.2.06 per equity share on face value of Rs.2/- per equity share for the FY20 (in addition to interim dividend of Rs.13.45 per share on a face value of Rs10 per share), subject to the approval of the shareholders at the AGM.

COVID - 19 Impact

COVID-19 pandemic affected business activities worldwide. However, the company believes that thus far, there is no significant impact of COVID-19 pandemic on the financial performance of the Company in terms of revenue and profitability as the company has recorded its budgeted revenue in the current year. Company is constantly reviewing its operation and is making every possible effort to make up for the lost time due to the pandemic. Though the management expects to have reduction in Revenue and Profitability in the FY21, the impact of the lockdown disruption will have to be assessed from time to time and communicated as we progress during subsequent year.

Ircon International: Standalone Financials

 

2003 (3)1903 (3)Var. (%)2003 (12)1903 (12)Var (%)
Sales1788.321532.79175202.454415.1018
OPM (%)7.210.39.28.6
OP129.53157.43-18476.54378.0126
Other income42.2373.53-43239.27264.44-10
PBIDT171.76230.96-26715.81642.4511
Interest4.384.68-627.3115.5775
PBDT167.38226.28-26688.50626.8810
Depreciation5.872.6911815.9311.7036
PBT before EO161.51223.59-28672.57615.189
EO Income0.000.000.000.00
PBT161.51223.59-28672.57615.189
Tax45.3194.39-52209.37221.39-5
PAT116.20129.20-10463.20393.7918
PPT-6.2233.61LP-26.58-50.89-48
Net profit 122.4295.5928489.78444.6810
EPS (Rs)* ###9.98.4
* EPS on Post issue equity capital of Rs 94.05 crore. Face Value: Rs 2
# EPS is annualised in case of nine month/half/ quarter financials
Figures in Rs crore
Source: Capitaline Corporate Database

Ircon International: Consolidated Financials

 

2003 (3)1903 (3)Var. (%)2003 (12)1903 (12)Var (%)
Sales1873.351797.2045391.514798.4312
OPM (%)8.310.511.210.0
OP154.97188.29-18603.99477.6826
Other income23.1855.76-58148.17191.18-22
PBIDT178.15244.05-27752.16668.8612
Interest4.367.12-3927.8714.5392
PBDT173.79236.93-27724.29654.3311
Depreciation22.6016.353882.9451.6161
PBT before share of P/(L) from JV151.19220.58-31641.35602.726
Share of P/(L) from JV3.986.71-4130.4421.5441
PBT before EO155.17227.29-32671.79624.268
EO Income0.000.000.000.00
PBT155.17227.29-32671.79624.268
Tax106.7593.9614201.44225.08-11
PAT48.42133.33-64470.35399.1818
PPT-66.9833.62LP-14.76-50.89-71
Net profit 115.4099.7116485.11450.078
EPS (Rs)* ###50.042.4
* EPS on Post issue equity capital of Rs 94.05 crore. Face Value: Rs 2
# EPS is annualised in case of nine month/half/ quarter financials
Figures in Rs crore
Source: Capitaline Corporate Database

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