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IDBI Capital Report
Ircon international Ltd. Q4FY21 PAT was lower (11%) than our estimate. This was led by lower EBITDA margin.
International Ebit margin was lower YoY. But execution (revenue) was better than estimates 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 200 basis points YoY as company is executing high margin orders in FY22E.
In FY21, Ircon received order inflow of Rs 42 billion and 99% was from competitive bidding. FY21 order book of Rs 347 billion, comprises 22% from competitive bidding.
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