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IDBI Capital Report
Ircon International Ltd.'s Q4 FY22 (standalone) revenue beat our estimate sharply by 20%. Ebitda margin was weak in the quarter, which company has mentioned as a one-off impact.
Order inflow was healthy at Rs 30 billion in Q4 and in FY22 total order inflow is Rs 162 billion. Order inflow guidance is Rs 100-150 billion for FY23E.
Order book continues to strengthen at Rs 438 billion and at six times FY22 revenue it provides revenue visibility.
Ircon targets FY23E revenue growth of 10-15% with Ebitda margin at 8%.
Company has declared dividend of Rs 0.65 per share in the quarter. Over nine months FY22, it has announced dividend per share of Rs 1.85 already, thus totaling to Rs 2.5/share which gives dividend yield of ~6.4%.
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