RVNL shares slip over a percent after Q1 results

Rail Vikas Nigam Limited (RVNL) shares declined over a percent in the morning trade on August 14. The state-owned company reported a 15 percent year-on-year (YoY) rise in consolidated net profit at Rs 343 crore for the June quarter of the current financial year but sequentially, the number was down 4 percent.

The company reported a consolidated net profit of Rs 297.6 crore in the year-ago period and Rs 359.3 crore in the March quarter, the company told exchanges on August 12.

Consolidated revenue jumped 20 percent YoY to Rs 4,640.7 crore but was declined 2 percent quarter on quarter.

In standalone terms, the net profit jumped 17 percent YoY to Rs 333.5 crore. While revenue from operations in the standalone terms rose 17 percent to Rs 5,446.2 crore during the period under review.

The consolidated earning per share (EPS) grew from Rs 1.43 in the year-ago period to Rs 1.65.

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Incorporated in 2003, Rail Vikas Nigam Ltd  is engaged in the business of implementing various types of rail infrastructure projects assigned by the railways ministry, including doubling, gauge conversion, new lines, railway electrification, major bridges, workshops and production units.

Recently, the ministry conferred Navratna status upon RVNL. The elevation in status will result in a augmented transfer of authority, enhanced operational latitude, and greater fiscal independence for RVNL.

At 10.44 am, the stock was trading at Rs 124 on the National Stock Exchange, down 1.67 percent

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