RVNL down 2% on muted Q2 earnings
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Rail Vikas Nigam on November 9 reported a 3.5 percent rise in its consolidated net profit for the quarter ended September 2023 (Q2FY24) to Rs 394.4 crore.
Shares of Rail Vikas Nigam Limited (RVNL) dropped more than 2 percent in the early trade on November 10, a day after the state-owned company posted muted numbers for the September quarter.
Rail Vikas Nigam reported a 3.5 percent rise in consolidated net profit for the September quarter. The rise in profit was despite the company’s revenue remaining flat when compared to the same period last year at Rs 4,914.32 crore. A 33.4 percent on-year rise in income from other operations at Rs 296 crore also helped improve the bottom line.
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Sequentially, the company’s net profit rose 15 percent but revenue declined nearly 12 percent.
Also Read: RVNL Q2 Results: Net profit up 3.5% to Rs 394 crore, revenue flat at Rs 4,914 crore
Last month, the company’s joint venture RVNL-MPCC received a letter of award for engineering works and supply of 50 mm machine crushed stone ballast, complete track works including linking of track works in connection with gauge conversion work between Nadiad- Petlad of the Vadodara Division on Western Railway. The order is valued at Rs 245 crore and has to be completed in 24 months.
Recently, the Ministry of Railways conferred “Navratna” status upon RVNL. This elevation in status will result in a heightened transfer of authority, increased operational latitude, and greater fiscal independence for RVNL.
These transformative changes are poised to significantly catalyse the advancement of the company, especially as it endeavors to extend its influence beyond the domestic railway domain, venturing into international ventures, it said.
At 9.15 am, the stock was trading at Rs 156.34 on NSE, down 2 percent from the previous close.
The stock has given a return of 31.76 percent over the last six months against Nifty’s 5.90 percent.
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