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.
![RVNL Q3 Results, Net profit down by 6.2% YoY dropping to Rs 359 crore](https://www.psuconnect.in/sdsdsd/RVNL_Q3_Results.jpg)
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 : Government extends duration of EMPS 2024 by two monthsThe 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 : DMRC invites tender to procure 39 Rolling Stock for Phase-1 project of Odisha MetroThe 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 : RBI issues prompt corrective action framework for urban cooperative banksNews Must Read
- Karnataka Bank Announced record Q1 Net Profit at Rs. 400.33 CR
- NTPC, BHEL shares soar higher amid JV announcement in Budget 2024
- BEL signs tripartite MoU for manufacture of indigenised ammunition
- Goa Shipyard Limited launched first indigenous P1135.6 Frigate
- Chandan Sinha appointed as Non-Executive Part Time Chairman of RBL Bank
- OIL and Dolphin Drilling signs contract for hiring of Blackford Dolphin
- Cmde D.K. Murali, IN (Retd.) Joins as CMD of BECIL
- Samir Chandra Saxena Appointed as Director (Market Operation) of GRID-INDIA
- MOIL CMD bags Title 'CEO of the Year'
- ONGC sign MoU with GSI to advance geothermal exploration in Ladakh