Slides
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Ir c on Int er na tiona l Li mit ed Investors’ Presentation Q2 & H1 FY27 Quarter and Half-Year Ended 30th September 2026 4th November 2026
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I R C O N I N T E R N A T I O N A L L I M I T E D Safe Harbour Important notice to readers of this presentation No representation or warranty, express or implied, is made as to, and no reliance should be placed on, the fairness, accuracy, completeness or correctness of the information or opinions contained in this presentation. Such information and opinions are in all events not current after the date of this presentation. Certain statements made in this presentation may not be based on historical information or facts and may be “forward looking statements” based on the currently held beliefs and assumptions of the management of IRCON (“Company” or “Ircon International Ltd.”), which are expressed in good faith and in their opinion reasonable, including those relating to theCompany’s general business plans and strategy, its future financial condition and growth prospects and future developments in its industry and its competitive and regulatory environment. Forward-looking statements involve known and unknown risks, uncertainties and other factors, which may cause the actual results, financial condition, performance or achievements of the Company or industry results to differ materially from the results, financial condition, performance or achievements expressed or implied by such forward-looking statements, including future changes or developments in the Company’s business, its competitive environment and political, economic, legal and social conditions. Further, past performance is not necessarily indicative of future results. Given these risks, uncertainties and other factors, viewers of this presentation are cautioned not to place undue reliance on these forward-looking statements. The Company disclaims any obligation to update these forward-looking statements to reflect future events or developments. This presentation is for general information purposes only, without regard to any specific objectives, financial situations or informational needs of any particular person. This presentation does not constitute an offer or invitation to purchase or subscribe for any securities in any jurisdiction, including the United States. No part of it should form the basis of or be relied upon in connection with any investment decision or any contract or commitment to purchase or subscribe for any securities. None of our securities may be offered or sold in the United States, without registration under the U.S. Securities Act of 1933, as amended, or pursuant to an exemption from registration there from. This presentation is confidential and may not be copied or disseminated, in whole or in part, and in any manner. 2 Safe Harbour
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IRCON - Journey Established under the Companies Act 1976 Converted into Public Limited Company 1992 Granted “Miniratna” Status 1998 Schedule “A” Company 2006 Equity Shares listed on NSE & BSE 2018 Achieved Turnover of Rs.5,000 crore 2020 Turnover crossed Rs.10,000 crore 2023 Upgraded to “Navratna” Company 2023 Highest Ever Turnover Achieved 2024 3
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KEY ACHIEVEMENTS Navratna Central Public Sector Enterprise (CPSE) under the Ministry of Railways PROJECTS COMPLETED 408 Domestic 131 International EXECUTED WORK 5,858 TKM Railway Track 10,762 RKM Railway Electrification 7,258 KMS Roads and Highways 1.59 Mn Sqm. Buildings 167 KMS Tunnel 183 Nos. Bridges RECOGNITION 239th USA ENR Construction Companies (Top International Contracting Firms for Year 2025) 242nd Fortune India 500 (Dec 2025) 4
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GROUP STRUCTURE - SUBSIDIARIES AND JVs Ircon International Limited Subsidiaries (11 nos.) Ircon Infrastructure & Services Limited 100% Ircon Bikaner Phalodi Tollway Limited 100% BOT Ircon Shivpuri Guna Tollway Limited 100% BOT Ircon Davanagere Haveri Highway Limited 100% HAM Ircon Vadodara Kim Expressway Limited 100% HAM Ircon Gurgaon Rewari Highway Limited 100% HAM Ircon Akloli Shirsad Expressway Limited 100% HAM Ircon Ludhiana Rupnagar Highway Limited 100% HAM Ircon Bhoj Morbe Expressway Limited 100% HAM Ircon Haridwar Bybass Limited 100% HAM Ircon Renewable Power Limited 76% JVs (7 Nos.) Ircon Soma Tollway Pvt. Ltd.^ 50% BOT Indian Railway Stations Development Corp. Ltd.* 26% Chhattisgarh East Railway Ltd. 26% Coal Connect. Chhattisgarh East West Railway Ltd. 26% Coal Connect. Mahanadi Coal Railway Ltd.@ 26% Coal Connect. Jharkhand Central Railway Ltd. 26% Coal Connect. Bastar Railway Private Limited** 26% Iron Ore ^Concession period has been completed on 14th May 2026. *MoR vide letter dated 18.10.2021 has decided in principle for closure of IRSDC and railway station development work are being taken up by RLDA under MoR. **MoR vide its letter dated 03.02.2023 has communicated its decision to carry out the work of next phase by MoR. @It is decided to handover Phase I & II of MCRL to MoR. 5
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INDEX Navratna Central Public Sector Enterprise (CPSE) under the Ministry of Railways O V E R V IE W 01 Functional Directors H I G H L I G H T S 02 Key Financial Highlights Consolidated 03 Key Financial Highlights Standalone P E R F O R M A N C E 04 Group Financial Performance 05 Standalone Financial Performance B U S I N E S S 06 Order Book 07 Opportunities 6
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I N D E X 01 S E C T I O N 0 1 FUNCTIONAL DIRECTORS
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L E A D E R S H I P Functional Directors Shri Saleem Ahmad Chairman & Managing Director (Additional Charge) • Civil Engineering from Jamia Millia Islamia University, New Delhi • Over 35 years of extensive experience in execution of large scale infrastructure projects, with specialization in bridges, tunnels, as well as residential and commercial developments. • Currently, he is CMD of Rail Vikas Nigam Limited and previously worked with NBCC (India) Ltd., DMRC and Mumbai Port Trust • Contributed significantly to sustainable infrastructure and playing a pivotal role in designing and implementing last-mile connectivity solutions during his tenure at DMRC. Smt. Ragini Advani Director (Finance) • Chartered Accountant and Cost Accountant with Ranks • Rich and varied experience of more than 25 years in Corporate Finance, valuations, merger & acquisitions, treasury etc. • Previously worked with EIL, NTPC SAIL Power Co. Pvt. Ltd., KPMG etc. Shri Ajit Kumar Mishra Director (Works) • B.T ech. in Civil Engineering, an LLM in International Dispute Resolution, an MBA in International Business, and a Diploma in International Arbitration. • Over 25 years of experience in the field of Project Management, International Procurement, Contract Management, Risk Management, Infrastructure Financing and Dispute Resolution for large infrastructure project. • His expertise covers a range of practice areas including arbitration, adjudication, dispute boards, emergency arbitration, expert determination, expert witness, and mediation. Shri Rajesh Naik Director (Projects) • Bachelor’s degree in Civil Engineering and a certified professional in Advanced Project Management and Contractual Dispute Resolution from AIMA. • Over 32 years of experience including over 12 years international experience in Oman, Bangladesh, Guyana, Botswana, Paraguay, Uruguay & Philippines. • His expertise includes Planning, Engineering, Project Management, Contract Management, Risk Management, Dispute Resolution, Marketing and Strategy for large scale infrastructure projects spanning Railways, Highways & Bridges, ROBs/RUBs, Buildings & Port Connectivity. 8
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I N D E X 02 S E C T I O N 0 2 KEY FINANCIAL HIGHLIGHTS (Consolidated)
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Financial Highlights (Consolidated) – Q2FY27 (Y-o-Y) (Rs. crore) O P E RA T I NG RE V E N UE 2272 2272 1977 0 500 1000 1500 2000 2500 Q2FY27 Q2FY26 +14.9% YoY change E B I T D A 319 319 297 0 50 100 150 200 250 300 350 400 Q2FY27 Q2FY26 YoY change P R OF I T A F T E R T A X 100 100 137 0 50 100 150 200 Q2FY27 Q2FY26 (27.0%) YoY change 10 +7.6% EBITDA = PBT + Finance Cost + Depreciation & Amortisation
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FINANCIAL HIGHLIGHTS Consolidated | Q2FY27 (Q-o-Q) (Rs. crore) O P E RA T I NG R E V EN U E 1,956 RS. CRORE Q1FY27 2,272 RS. CRORE Q2FY27 +16.2% Q-O-Q Change E B I T D A 279 RS. CRORE Q1FY27 319 RS. CRORE Q2FY27 +14.6% Q-O-Q Change P R OF I T A F T E R T A X 92 RS. CRORE Q1FY27 100 RS. CRORE Q2FY27 +9.0% Q-O-Q Change EBITDA = PBT + Finance Cost + Depreciation & Amortisation 11
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FINANCIAL HIGHLIGHTS Consolidated | H1FY27 (Y-o-Y) (Rs. crore) O P E RA T I NG RE V E N UE 3,763 4,227 H1FY26 H1FY27 +12.3% Y-O-Y H1FY27 vs H1FY26 E B IT D A 621 598 H1FY26 H1FY27 (3.70%) Y-O-Y H1FY27 vs H1FY26 P R OF I T A F T E R T A X 301 192 H1FY26 H1FY27 (36.0%) Y-O-Y H1FY27 vs H1FY26 EBITDA = PBT + Finance Cost + Depreciation & Amortisation 12
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I N D E X 03 S E C T I O N 0 3 KEY FINANCIAL HIGHLIGHTS (Standalone) 13
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Financial Highlights (Standalone) – Q2FY27 (Y-o-Y) (Rs. crore) O P E RA T I NG RE V E N UE 2090 2090 1852 0 500 1000 1500 2000 2500 Q2FY27 Q2FY26 +12.9% YoY growth E B I T D A 199 199 239 0 50 100 150 200 250 300 350 400 Q2FY27 Q2FY26 (16.7%) YoY change P R OF I T A F T E R T A X 122 122 185 0 50 100 150 200 Q2FY27 Q2FY26 (34.0%) YoY change 14 EBITDA = PBT + Finance Cost + Depreciation & Amortisation
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FINANCIAL HIGHLIGHTS Standalone | Q2FY27 (Q-o-Q) (Rs. crore) O P E RA T I NG R E V EN U E 1,800 RS. CRORE Q1FY27 2,090 RS. CRORE Q2FY27 +16.1% Q-O-Q Change E B I T D A 222 RS. CRORE Q1FY27 199 RS. CRORE Q2FY27 (10.2%) Q-O-Q Change P R OF I T A F T E R T A X 164 RS. CRORE Q1FY27 122 RS. CRORE Q2FY27 (25.4%) Q-O-Q Change EBITDA = PBT + Finance Cost + Depreciation & Amortisation 15
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FINANCIAL HIGHLIGHTS Standalone | H1FY27 (Y-o-Y) (Rs. crore) O P E RA T I NG RE V E N UE 3,516 3,891 H1FY26 H1FY27 +10.7% Y-O-Y H1FY27 vs H1FY26 E B IT D A 449 421 H1FY26 H1FY27 (6.2%) Y-O-Y H1FY27 vs H1FY26 P R OF I T A F T E R T A X 335 285 H1FY26 H1FY27 (14.9%) Y-O-Y H1FY27 vs H1FY26 EBITDA = PBT + Finance Cost + Depreciation & Amortisation 16
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I N D E X 04 S E C T I O N 0 4 GROUP FINANCIAL PERFORMANCE
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Financial Highlights (Consolidated) – Income Statement Particulars (INR Crore) Q2FY27 Q1FY27 Q-o-Q (%) Q2FY26 Y-o-Y (%) Operating Revenue 2271.7 1955.8 16.2% 1976.8 14.9% Total Expenses (Excl. Dep. & Finance Cost) 2033.1 1750.7 16.1% 1835.6 10.8% Core EBITDA 227.4 191.8 18.6% 161.6 40.7% Core EBITDA Margins (%) 10.0% 9.8% 20bps 8.2% 184bps Other Income 92.1 86.9 6.0% 135.4 (32.0%) EBITDA 319.5 278.7 14.6% 297.0 7.6% EBITDA Margin (%) 13.5% 13.6% (12bps) 14.1% (54bps) Depreciation 45.7 44.9 1.9% 40.0 14.3% Finance Cost 114.1 107.0 6.7% 84.5 35.0% Profit Before Tax 159.6 126.8 25.9% 172.5 (7.5%) PBT Margin (%) 6.8% 6.2% 54bps 8.2% (141bps) Tax 59.3 34.8 70.4% 35.9 64.9% Profit After Tax (PAT) 100.3 92.0 9.0% 136.5 (26.5%) PAT Margin (%) 4.2% 4.5% (27bps) 6.5% (222bps) Other Comprehensive Income (Net of Tax) 2.2 4.0 (45.9%) 3.2 (31.3%) Total Comprehensive Income 102.5 96.0 6.7% 139.7 (26.6%) EPS (INR) (Face value Rs.2 per share) 1.09 0.99 10.1% 1.47 (25.9%) 18
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Financial Highlights (Consolidated) – Income Statement Particulars (INR Crore) H1 FY27 H1 FY26 Y-o-Y (%) FY 26 Operating Revenue 4227.5 3763.0 12.3% 9071.1 Total Expenses (Excl. Dep. & Finance Cost) 3783.8 3422.0 10.6% 8305.3 Core EBITDA 419.2 379.4 10.5% 848.4 Core EBITDA Margins (%) 9.9% 10.1% (16bps) 9.4% Other Income 179.0 241.5 (25.9%) 430.9 EBITDA 598.1 620.9 (3.7%) 1279.3 EBITDA Margin (%) 13.6% 15.5% (193bps) 13.5% Depreciation 90.6 77.2 17.4% 162.7 Finance Cost 221.1 159.8 38.4% 350.1 Profit Before Tax 286.4 384.0 (25.4%) 766.5 PBT Margin (%) 6.5% 9.6% (309bps) 8.1% Tax 94.0 83.4 12.8% 174.6 Profit After Tax (PAT) 192.4 300.6 (36.0%) 591.9 PAT Margin (%) 4.4% 7.5% (314bps) 6.2% Other Comprehensive Income (Net of Tax) 6.2 2.8 123.9% 4.2 Total Comprehensive Income 198.6 303.4 (34.6%) 596.1 EPS (INR) (Face value Rs.2 per share) 2.08 3.22 (35.4%) 6.33 19
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Financial Highlights (Consolidated) – Balance Sheet Particulars (INR Crore) H1FY27 H1FY26 FY26 I. ASSETS: 1. Non-Current Assets 9547 8934 9503 (a) PPE, CWIP , Investment property, Intangible Assets, RoUs 4086 4091 4118 (b) Investment accounted for using Equity Method 1003 961 1065 (c) Financial Assets 3705 3402 3572 (d) Deferred Tax Assets (Net) 190 153 183 (e) Other Non-Current Assets 563 326 565 2. Current Assets 11901 11285 11804 (a) Inventories 9 114 12 (b) Financial Assets 9802 8852 9739 (c) Current T ax Assets (Net) 57 65 46 (d) Other Current Assets 2033 2254 2006 Total Assets 21448 20219 21307 Particulars (INR Crore) H1FY27 H1FY26 FY26 II. EQUITY AND LIABILITIES: 1. Equity 6803 6491 6671 (a) Equity Share Capital 188 188 188 (b) Other Equity 6586 6270 6451 (c) Non-Controlling Interest 29 33 32 2. Liabilities 14645 13728 14636 (i) Non-Current Liabilities 7560 6824 7485 (a) Financial Liabilities 6379 5643 6300 (b) Other Non-Current Liabilities including Provisions 1181 1181 1185 (ii) Current Liabilities 7085 6904 7151 (a) Financial Liabilities 3940 3812 4049 (b) Other Current Liabilities including Provisions and Current T ax Liabilities 3145 3092 3102 Total Equity and Liabilities 21448 20219 21307 20
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I N D E X 05 S E C T I O N 0 5 STANDALONE FINANCIAL PERFORMANCE
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Financial Highlights (Standalone) – Income Statement Particulars (INR Crore) Q2FY27 Q1FY27 Q-o-Q (%) Q2FY26 Y-o-Y (%) Operating Revenue 2090.2 1800.3 16.1% 1851.5 12.9% Total Expenses (Excl. Dep. & Finance Cost) 1988.7 1704.7 16.7% 1788.4 11.2% Core EBITDA 101.5 95.5 6.3% 63.1 60.8% Core EBITDA Margins (%) 4.9% 5.3% (45bps) 3.4% 145bps Other Income 97.6 126.3 (22.7%) 175.8 (44.5%) EBITDA 199.1 221.8 (10.2%) 238.9 (16.7%) EBITDA Margin (%) 9.1% 11.5% (241bps) 11.8% (269bps) Depreciation 15.6 15.0 3.6% 12.1 28.3% Finance Cost 2.4 3.3 (25.2%) 0.4 465.1% Profit Before T ax 181.1 203.5 (11.0%) 226.4 (20.0%) PBT Margin (%) 8.3% 10.6% (228bps) 11.2% (289bps) Tax 59.2 40.0 48.0% 41.7 41.9% Profit After Tax (PAT) 121.9 163.5 (25.4%) 184.7 (34.0%) PAT Margin (%) 5.6% 8.5% (292bps) 9.1% (354bps) Other Comprehensive Income (Net of Tax) 2.2 4.0 (46.3%) 3.2 (31.4%) Total Comprehensive Income 124.1 167.5 (25.9%) 187.9 (33.9%) EPS (INR) (Face value Rs.2 per share) 1.30 1.74 (25.3%) 1.96 (33.7%) 22
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Financial Highlights (Standalone) – Income Statement Particulars (INR Crore) H1 FY27 H1 FY26 Y-o-Y (%) FY 26 Operating Revenue 3890.5 3515.7 10.7% 8478.9 Total Expenses (Excl. Dep. & Finance Cost) 3693.4 3350.0 10.3% 8126.0 Core EBITDA 197.1 165.7 18.9% 352.8 Core EBITDA Margins (%) 5.1% 4.7% 36bps 4.2% Other Income 223.8 283.0 (20.9%) 499.7 EBITDA 420.9 448.7 (6.2%) 852.6 EBITDA Margin (%) 10.2% 11.8% (158bps) 9.5% Depreciation 30.6 23.6 29.7% 48.4 Finance Cost 5.7 4.2 35.9% 6.3 Profit Before Tax 384.6 420.9 (8.6% 797.9 PBT Margin (%) 9.4% 11.1% (173bps) 8.9% Tax 99.2 85.7 15.8% 179.4 Profit After Tax (PAT) 285.4 335.2 (14.9%) 618.5 PAT Margin (%) 6.9% 8.8% (189bps) 6.9% Other Comprehensive Income (Net of Tax) 6.2 2.8 124.7% 4.3 Total Comprehensive Income 291.6 338.0 (13.7%) 622.7 EPS (INR) (Face value Rs.2 per share) 3.03 3.56 (14.9%) 6.58 23
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Financial Highlights (Standalone) – Balance Sheet Particulars (INR Crore) H1FY27 H1FY26 FY26 I. ASSETS: 1. Non-Current Assets 4386 4198 4314 (a) PPE, CWIP , Investment property, Intangible Assets, RoUs 815 810 820 (b) Financial Assets 3237 2965 3112 (c) Deferred Tax Assets (Net) 138 135 148 (d) Other Non-Current Assets 196 288 234 2. Current Assets 10847 10203 10877 (a) Inventories 9 114 12 (b) Financial Assets 8897 8204 8961 (c) Current T ax Assets (Net) 31 41 27 (d) Other Current Assets 1910 1844 1877 Total Assets 15233 14401 15191 Particulars (INR Crore) H1FY27 H1FY26 FY26 II. EQUITY AND LIABILITIES: 1. Equity 6856 6458 6630 (a) Equity Share Capital 188 188 188 (b) Other Equity 6668 6270 6442 2. Liabilities 8377 7943 8561 (i) Non-Current Liabilities 1651 1682 1790 (a) Financial Liabilities 637 596 747 (b) Other Non-Current Liabilities including Provisions 1014 1086 1043 (ii) Current Liabilities 6726 6261 6770 (a) Financial Liabilities 3656 3298 3758 (b) Other Current Liabilities including Provisions and Current Tax Liabilities 3070 2963 3012 Total Equity and Liabilities 15233 14401 15191 24
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I N D E X 06 S E C T I O N 0 6 ORDER BOOK
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ORD ER BOOK O R DE R B OO K Rs 21,296 crore as on 30.09.2026 About 55% Share of orders won on competitive bidding basis, of the total order book Sector 76% 17% 7% Railways Rs.16,271 Crore Highways Rs.3,538 Crore Others Rs.1,487 Crore Geography 91% 9% Domestic Rs.19,308 Crore International Rs.1,988 Crore Mode of Award 45% 55% Nomination Rs.9,614 Crore Competitive Rs.11,682 Crore INR Crore 26
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I N D E X 07 S E C T I O N 0 7 OPPORTUNITIES
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OPP ORT UNI TIE S Infrastructure Projects Massive Govt. push to the CAPEX by allocation of Rs.12.2 lakh Crore in Union Budget 2026 Govt. initiatives such as National Logistic Policy, Logistic Parks and Unified Logistics Interface Platform Development of 100 PM Gati Shakti Cargo Terminal for multimodal logistics Boost from National Infrastructure Prioritization, National Monetization Pipeline and Gati Shakti IR to install 30 GW of renewable power capacity by 2029- 30 to reduce carbon footprint National Rail Plan to give impetus to Railway Infrastructure Outlay of INR 2.93 Lakh Crore was announced in Union Budget for Indian Railways Indian Railways to require investment of Rs.35.3 trillion (US$ 545.26 billion) by 2032 for capacity addition and modernization Highways – Key Infrastructure Segment Outlay of INR 3.10 Lakh Crore has been allocated towards road transport and highways in Union Budget Development of 08 important National High Speed Corridor projects with a Length of 936 km at a cost of Rs.50,655 crore 28
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Formulas Particulars Formula EBITDA PBT + Depreciation & Amortization + Finance Cost EBITDA Margin (%) (PBT + Depreciation & Amortization + Finance Cost) × 100 / Total Revenue Core EBITDA PBT + Depreciation & Amortization + Finance Cost – Other Income Core EBITDA Margin (%) (PBT + Depreciation & Amortization + Finance Cost – Other Income) × 100 / Operating Revenue PAT Margin (%) Profit after Tax / Total Revenue × 100 PBT Margin (%) Profit before Tax / Total Revenue × 100 29
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Thank You For further information Mr. Sachin Garg DGM / Finance / IR Ircon International Ltd. Tel: 011-26545368 E-mail: sachin.garg@ircon.org sachin.garg@ircon.org