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RVNL gets LoA for a project worth ₹439.95 crore from Southern Railway
KV Prasad Jun 13, 2022, 06:35 AM IST (Published)
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Summary
RVNL also informed bourses that the meeting of the Board of Directors of the Company is scheduled for May 15 to consider and approve the audited financial results (standalone and consolidated) of the company for the fourth quarter (4th) and year ended March 31, 2024.
Rail Vikas Nigam Ltd (RVNL) has received a letter of acceptance (LoA) from Southern Railway for “Redevelopment of Thiruvananthapuram Central Railway Station on Engineering, Procurement and Construction (EPC) mode,” the state-owned public sector enterprise informed exchanges on Monday, April 29.
The project cost is ₹439.95 crore. RVNL has a 49% share in the JV, while partner Kerala Rail Development Corporation Ltd (KRDCL) will have a 51% share. The order is to be executed in 42 months, an earlier exchange filing had informed.
#JustIn | RVNL gets LoA for a project worth ₹438.95 cr from Southern Railway pic.twitter.com/G69a6TB8ST
— CNBC-TV18 (@CNBCTV18Live) April 29, 2024
Separately, RVNL also informed bourses that the meeting of the Board of Directors of the Company is scheduled for May 15 to consider and approve the audited financial results (standalone and consolidated) of the company for the fourth quarter (4th) and year ended March 31, 2024. The Board will also consider and recommend the final dividend, if any, for FY2023–24, subject to the approval of shareholders at the Annual General Meeting (AGM).
Earlier, the rail PSU had declared that it emerged as the lowest bidder for a Southern Railway project worth ₹239 crore. The project entails the provision of an automatic block signalling (ABS) system in the stretch between Jolarpettai junction to Erode junction of the Salem division in Southern Railway.
RVNL’s net profit declined 6.2% year-on-year (YoY) to ₹358.6 crore in the October-December quarter. In the corresponding quarter in the previous year, RVNL posted a net profit of ₹382.4 crore. RVNL’s revenue from operations dipped 6.4% to ₹4,689.3 crore as against ₹275.6 crore in the corresponding period of the preceding fiscal.
RVNL shares settled at ₹288.80 on the BSE, down marginally. So far this year, RVNL shares have gained over 58%, while the one-year return on the stock is 144%.
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