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RVNL Wins ₹439.95 Cr Thiruvananthapuram Central Redevelopment Contract

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Synopsis:

RVNL bags Thiruvananthapuram Central station redevelopment contract at ₹439 crore over 42 months. Recent wins, like the Aurangabad-Ankai doubling project and automatic block signalling, boost confidence amid operating revenue decline in Q3 FY2024, as reflected in its strong stock performance.

RVNL News Today

Rail Vikas Nigam Ltd (RVNL) has secured a significant contract from Southern Railway for the redevelopment of Thiruvananthapuram Central Railway Station. The project, valued at ₹439.95 crore, will be executed in an Engineering, Procurement, and Construction (EPC) mode.

Recently, RVNL emerged as the lowest bidder for another Southern Railway project valued at ₹239 crore. This project involves the implementation of an automatic block signalling (ABS) system between Jolarpettai junction and Erode junction within the Salem division of Southern Railway.

Additional Read: Share Market Updates

Stake Holding and Timeline of the Project

RVNL holds a 49% stake in the joint venture (JV) undertaking, with Kerala Rail Development Corporation Ltd (KRDCL) possessing the remaining 51%. The project is scheduled to be completed within 42 months.

Company’s Recent Performance

RVNL's financial results for the October-December quarter reveal a 6.2% year-on-year decline in net profit, amounting to ₹358.6 crore. Similarly, revenue from operations experienced a 6.4% decrease, reaching ₹4,689.3 crore.

Despite these figures, RVNL shares have displayed robust performance throughout the year, boasting a year-to-date gain of over 58% and a remarkable one-year return of 144%.

The upcoming Board meeting, scheduled for May 15, will deliberate on the approval of RVNL's audited financial results for the fourth quarter and fiscal year ending March 31, 2024.

Additionally, the Board will consider recommending the final dividend for FY 2023–24, subject to shareholder approval at the Annual General Meeting (AGM).

Sources:

https://www.cnbctv18.com/market/rvnl-share-price-in-focus-as-rail-vikas-nigam-gets-loa-from-southern-railway-19404142.html

Disclaimer: Investments in the securities market are subject to market risk, read all related documents carefully before investing.

This content is for educational purposes only. Securities quoted are exemplary and not recommendatory.

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