Shares of IRCON International fell further in morning trade on Thursday as the government is selling up to 16 percent stake in the railway PSU. On the BSE, the scrip opened on a weak note at Rs 90, then fell further to Rs 89.40. It was later trading at Rs 90.55, down 0.60 per cent in a weak broader market. The Offer for sale (OFS) was, however, oversubscribed on the first day of issue yesterday.

MK Singh, director of finance at Ircon International, on Thursday said that the revenue for FY21 is seen at around Rs 4,800-5,000 crore. He also said that the orderbook, as on date, stands at around Rs 33,000 crore.

The government holds an 89.18 percent stake in Ircon, which comes under the Railways Ministry and is engaged in the construction of transportation infrastructure.

Speaking in an interview to CNBC-TV18, Singh said, “As on date we are in the range of Rs 33,000 crore and in the current year we have had an addition of around Rs 4,500 crore. All of these are on competitive basis. So that adds to our strength and also the strength of the company.”

“We will be touching around Rs 5,000 crore of revenue. Last quarter happens to be the best quarter for us, for any construction industry being the main working season and we will be crossing Rs 4,500-5,000 crore, we will be in this range,” he said.

The management is also confident of clearing pending dues in the next fiscal.

“There would be pending claims (after Rs 130-140 crore of claim resolution) and we are in the process of negotiating with our clients because we have taken a drive that we must settle our differences over our recoverable and settle it as soon as we can and NHAI is a major client with whom we are having arbitration and other disputes and they are also now keen to settle it out. The outstanding claim will be in the range of Rs 250 crore odd and we hope to settle that as well in the next financial year.”

For full management commentary, watch the video

(Edited by : Abhishek Jha)