Public sector engineering and construction company Ircon International Ltd (IRCON) gained more than 2 percent in morning trade on Monday after the company announced that it has secured an order worth Rs 122 crore ($14.89 million) from Sri Lanka Railways.

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The scope of the work includes designing, installing, testing, commissioning and certifying of signaling and telecommunication systems from Maho Junction to Anuradhapura, IRCON said in a filing to the stock exchanges.

This contract for the order was executed under the Indian Line of Credit, on September 21, the railway PSU informed the bourses.

The project will be completed within 24 months, according to IRCON.

IRCON, which has recently entered new segments like high-speed rail and solar projects, bagged orders worth Rs 15,000 crore last year. The company has doubled its order book from Rs 22,000 crore to Rs 44,000 crore over five years.

In July, the state-run engineering and construction company bagged two orders worth Rs 224 crore. One order worth Rs 80 crore was secured for composite work at Bondamunda exchange yard of South Eastern Railway. Another order to the tune of Rs 144 crore was received from NF Railway Construction.

In the June quarter, the company reported a 29.6 percent year-on-year (YoY) jump in consolidated net profit at Rs 187.4 crore for the first quarter that ended June 30, 2023.

Its consolidated revenue from operations rose 35.7 percent YoY to Rs 2,712.2 crore in the three months ended June 2023.

Shares of IRCON were trading 0.92 percent higher at Rs 142.75 on BSE at 9:57 AM.