RVNL wins NHAI project worth Rs 8.08 billion as lowest bidder

11 Jul 2023 CW Team

Rail Vikas Nigam (RVNL) has emerged as the lowest bidder for the rehabilitation and upgradation of the Chandikhole-Paradip section of NH-53 (Old NH - 5A) on HAM mode. The project's cost amounts to Rs 8.08 billion.

It was mentioned that the project has been awarded by the National Highways Authority of India (NHAI). The contract is expected to be executed within a span of 24 months.

During the fourth quarter of FY23, RVNL reported a 5 percent decline in net profit, which totalled Rs 3.59 billion compared to the previous year. The company's total revenue amounted to Rs 57.19 billion, reflecting an 11% decrease from the corresponding period of the preceding fiscal year, which had recorded revenue of Rs 64.37 billion.

The shares of RVNL have experienced a notable increase in value, in line with the overall surge in railway stocks. Over the past six months, RVNL shares have risen by approximately 70 percent. On July 7, the stock concluded the trading session with a minor decline of less than 1 percent.

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