RVNL Q3 Results, Net profit down by 6.2% YoY dropping to Rs 359 crore
The company has declared that net profit has declined to 6.2% year-on-year while quarterly profit dropped to Rs 359 crore in the third quarter of FY24.
Public sector railway unit RVNL [Rail Vikas Nigam Limited] has declared its financial quarterly results ending December. The shares of the company were trading low by 8 percent to Rs 259.
The company has declared that net profit has declined to 6.2% year-on-year while quarterly profit dropped to Rs 359 crore in the third quarter of FY24. The revenue from operations also declined by 6.4% compared to the same corresponding period of last fiscal year at Rs 4,689.3 crore.Read Also : THDCIL conferred with prestigious 1st Prize for ‘Advancement in Green Mobility
The income from other operations rises to 16.6 percent at Rs 327.6 crore falls under the bottom line of the ending December quarter.
The company's net profit fell by 9.1 percent from Rs 394.4 crore during the quarter ending September 2023. The EBITDA declined by 9.6 percent year-on-year to Rs 249.1 crore, while the margin has gone down by another 20 basis points to 5.3% as from 5.5% of last fiscal year. As compared to a sequential basis, the margin declined by 80 basis points from 6.1% in September.Read Also : MECL Drills Past Remarkable Milestone, Surpasses 3 Lakh Meters of Exploratory Drilling
The government had sold a strategic 5.4% stake in RVNL in July last year at Rs 119 per share. As per the December data, the government still holds a 72.84% stake in RVNL, which is valued at over Rs 40,000 crore. The shares of the company fell over 9% after the railway infrastructure company reported a 4% decline in its standalone net profit for the December ending quarter.Read Also : HPCL and Birmingham University join hands
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