New Delhi: September 29, 2020: Ircon International Limited is a Miniratna (Category – I) Schedule A Public Sector Enterprise and a leading turnkey Construction Company in the public sector known for quality, commitment and consistency in terms of performance has conducted its 44th Annual General Meeting on 29th September, 2020 through Video Conferencing, in accordance SEBI guidelines.
Highlights of 44th Annual General Meeting
The Shareholders, during the AGM, adopted Audited Financial Statements of the company for the FY 2019-20 and approved all the proposed resolutions including final dividend of Rs.2.06 per equity share on the face value of Rs.2 per share, as recommended by BoD. This is in addition to interim dividend of Rs.13.45 per equity share on the face value of Rs.10 per share. The cut-off date for final dividend payout was 22 September, 2020 (close of business hours). Total dividend for the Financial Year 2019-20 would be aggregated to Rs.223.38 crore i.e. 237.50% of the Paid up share capital, which is 45.60% of PAT and 5.37% of Net Worth.
Shri. S.K. Chaudhary, Chairman and Managing Director, while addressing the shareholders, stated that during these unprecedented times, the company has faced many challenges with work being stranded due to the lockdown imposed by Govt of India in order to safeguard us from the on-going COVID-19 pandemic. However, once the lockdown was lifted in a phased manner your company has started operations at the fastest rate possible. Currently, work has been started at all our project sites with approximately 90% utilization rate. Post up lifting of lockdown, the migrant labours have also started coming back to work; so, there is no dearth of manpower. He assured the stakeholders that we shall achieve 100% utilization rate at all our project site very soon and this will in turn reflect in our results in the coming quarters”
Furthermore, on the financial front, we have an order book of Rs.30263 crore as of Q1FY21. We have submitted bids for two packages of bullet train worth about Rs.30,000 crore for 237 Km. and 90 Km in consortium, where IRCON has 30% share. Moreover, during Q2FY21, we have secured Railway Electrification work worth Rs.1900 crore (approx.) and worth Rs.400 crore (approx.) for Road Over Bridges (9 Nos) from Ministry of Railways, Govt. of India on bidding basis amongst bids from PSUs; as per the new policy which shall be the new norm going forward. He further assured to the shareholders that the company is highly liquid and there is enough cash balance and liquid investments to help us sail through these unprecedented times. The company shall always strive to maintain pre-covid margins on all levels.