IRCON-BRC JV to construct ₹1,096 crore secretariat complex in Shillong city

The project involves construction of a new Secretariat complex, including comprehensive campus infrastructure in New Shillong City. The contract is designed to accommodate various governmental departments and agencies, IRCON informed in an exchange filing.

The total value of the EPC contract is approximately ₹1,096.17 crore. Within the joint deal, IRCON holds a 26% share, amounting to ₹285 crore, while BRC holds the remaining 74%. The partnership leverages IRCON's extensive experience in large-scale infrastructure projects and BRC's regional expertise, aiming to deliver a project that meets international standards.

According to the exchange filing, the project will be completed within 36 months from the date of commencement. This timeline phases such as detailed planning, design finalization, procurement of materials, construction, and commissioning of the facilities.

The company further explained that the project is aimed to address the growing administrative needs of the state and provide a centralized location for government operations.

The construction of the new Secretariat Complex is an important initiative in Meghalaya's infrastructural development. It is expected to centralise government operations, improve administrative efficiency, and provide a modern workspace for government employees.

On Monday, shares of Ircon International closed 1.75% lower at ₹137.99 apiece on the National Stock Exchange.

For October-December quarter, IRCON International had reported a 65% plunge in consolidated net profit to ₹86 crore as compared to ₹244 crore in the corresponding quarter previous fiscal year.

The engineering and construction firm reported a 10% drop in consolidated revenue from operations to ₹2,612.86 crore for the third quarter of FY2024-25, compared to ₹2,929.54 crore in the same period of the last financial year.

Its EBITDA dropped to ₹218.3 crore in Q3FY25 from ₹378.1 crore in Q3FY24, with an EBITDA margin of 8.1%. The total order book of Ircon International stood at ₹21,939 crore as of December 31, 2024.

In addition, the company had announced an interim dividend of ₹1.65 per share.