Home Economics RVNL Secures ₹439.95 Crore Project from Southern Railway

RVNL Secures ₹439.95 Crore Project from Southern Railway

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RVNL Notifies Exchanges About Board Meeting on May 15 to Review Financial Results

RVNL Informs Exchanges About LoA from Southern Railway for Thiruvananthapuram Central Railway Station Redevelopment

Project Details and Board Meeting Update: 

The project, valued at ₹439.95 crore, involves a 49% share for Rail Vikas Nigam Limited and a 51% share for partner KRDCL in the JV. An earlier exchange filing stated that the project is slated for completion within 42 months.

RVNL
Source: The Economic Times

Additionally, Rail Vikas Nigam Limited notified stock exchanges that its Board of Directors is set to convene on May 15 to review and endorse the audited financial results (both standalone and consolidated) for the fourth quarter and fiscal year ending March 31, 2024. The Board will also deliberate on recommending any final dividend for the financial year 2023–24, pending approval by shareholders at the Annual General Meeting (AGM).

Previously, the railway PSU announced its success as the lowest bidder for a ₹239 crore project with Southern Railway, involving the implementation of an automatic block signalling (ABS) system from Jolarpettai junction to Erode junction in the Salem division.

RVNL’s Financial Performance and Stock Movement : 

RVNL’s net profit fell 6.2% YoY to ₹358.6 crore in the October-December quarter, compared to ₹382.4 crore in the same period last year. Revenue from operations decreased 6.4% to ₹4,689.3 crore from ₹275.6 crore in the corresponding period of the previous fiscal.

RVNL shares closed marginally lower at ₹288.80 on the BSE. Year-to-date, RVNL shares have surged by over 58%, with a one-year return of 144% on the stock.

You might also be interested in – HG Infra shares surged by more than 5% following the company’s acquisition of a ₹447 crore order from South Central Railway

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