RVNL wins new order of Rs 148 crore

22 May 2024 , 12:48 PM

Shares of Rail Vikas Nigam Ltd (RVNL) surged 15% on May 21 after securing a ₹148 Crore order from South Eastern Railway. At the time of writing on May 22, the stocks were trading at ₹344.90 which is an increase of 0.92% over the previous closing price. The stock has gained over 198% in the last one year, and 89% since the beginning of the year.

The order involves designing, supplying, erecting, testing, and commissioning an upgraded electric traction system for the Kharagpur division. Following the order announcement, RVNL shares hit an all-time high of ₹345.90 on the National Stock Exchange (NSE).

RVNL, a Mini Ratna PSU and project-executing agency, focuses on mobilizing financial resources, rail project development, enhancing the golden quadrilateral, and port connectivity.

The order entails upgrading the electric traction system from 1×25 KV to 2×25 KV for the Kharagpur Bhadrak section to meet a 3000 MT loading target.

In a regulatory filing, RVNL announced the appointment of NC Karmali as the part-time Government nominee director on the board, approved by the President of India.

RVNL recently reported a 33.2% year-on-year net profit growth to ₹478.6 Crore for the quarter ended March 2024. Revenue from operations grew 17.4% YoY to ₹6,714 Crore for the same quarter. The company’s EBITDA increased by 21.8% YoY to ₹456.4 Crore, with an EBITDA margin of 6.8%.

RVNL’s board recommended a final dividend of ₹2.11 per equity share. Year-to-date, RVNL shares have risen more than 85%, significantly outperforming Nifty’s 3.6% return.

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