IRCON CELEBRATES 27TH
ANNUAL DAY
The Union Minister
of Railways, Shri Nitish Kumar gave away awards to several employees
of Indian Railway Construction Company (IRCON) International Ltd.,
at a function to mark the 27th Annual Day celebrations
of the Company here this evening.
Speaking on the
occasion, the Railway Minister congratulated the recipients and
lauded the role of IRCON International Ltd. as the number one
construction company in the country. The Minister said that the
company was expected to improve its performance in the days to
come.
Later, the Annual
Day function was followed by a heartrending programme by the well-known
Gazal singer Pankaj Udhas to the delight of a jam-packed audience.
IRCON, over the
years, has consolidated its position in the market as a leader
and improved its rank from 121st to 105th
on the prestigious McGraw Hill ratings of the top 225 International
Construction Contractors in a sluggish year for construction industry
world over. IRCON is now left as the only Indian company listed
on the McGraw Hill international ratings.
IRCON sustained
its profit pursuit and recorded a turnover of Rs. 800 crore in
2002-2003 with profit before tax standing at Rs. 119 crores. The
percentage of revenue from domestic market increased from Rs.
303 crore last year to Rs. 481 crores. However, revenue from International
Market dropped from Rs. 561 crores to Rs. 296 crore due to reduced
receipts from International projects, slow down in International
market, increased deferred tax liabilities and increased staff
cost as well as the extraordinary charges towards Voluntary Retirement
Scheme (VRS).
