Meghalaya’s Steel Building Framework Soars: Ircon International Bags 1,000 Crore EPC Contract for State-of-the-Art Secretariat

Shillong: IRCON International Ltd., a leading turnkey construction company, has secured a major Engineering, Procurement, and Construction (EPC) contract worth Rs 1,096 crore from the Meghalaya government to build a new secretariat complex in Shillong. The company’s shares surged 9% in Tuesday’s trading, climbing to Rs 150.45, as investors welcomed the news.

The EPC contract, a joint venture between IRCON and Badri Rai and Company (BRC), is a significant milestone for the company, which has operations in several Indian states and countries, including Malaysia, Nepal, Bangladesh, South Africa, Algeria, Myanmar, and Sri Lanka. IRCON holds a 26% share in the project, while BRC holds 74%. The company’s expertise in railways and highways adds to its reputation as a leading infrastructure development player.

The project, which involves building campus infrastructure on an engineering, procurement, and construction basis, is expected to be completed within three years. The total contract value is Rs 1,096.17 crore, with IRCON’s share being Rs 285 crore. This is not the first major infrastructure project for the company, with a portfolio that includes railway construction, roads, buildings, and metro rail works.

However, the company’s recent performance has been sluggish, with a 65% decline in net profit to Rs 86 crore from Rs 244.70 crore in the corresponding period last year. Revenue also decreased 10% to Rs 2,612.86 crore from Rs 2,929.54 crore in the year-ago period. Despite this, IRCON is expected to clock a revenue of Rs 10,000-Rs 11,000 crore in FY25 and expects a decent performance in the next quarter.

As a Navratna, public sector enterprise, IRCON’s credibility in the construction industry is well-established. With 11 subsidiaries and 7 joint venture companies, the organization is well-equipped to handle complex projects like the new secretariat complex in Shillong. The company’s operations are spread across several Indian states and international markets.

With this new contract, IRCON is set to add another feather to its cap, demonstrating its capabilities in delivering large-scale infrastructure projects. The company’s track record speaks for itself, and investors are likely to keep a close eye on its performance as it executes this significant contract.

Original Source: https://nenews.in/meghalaya/ircon-international-bags-rs-1000-cr-epc-contract-for-secretariat-construction-in-meghalaya/21888/
Category : Meghalaya,Ircon International,Meghalaya government
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Publish Date: 2025-03-18 17:06:00