RVNL Secures Rs 2.70 Billion Metro Station Project in Maharashtra

19 Dec 2024 CW Team

State-owned Rail Vikas Nigam Ltd (RVNL) has won a Rs 2.70 billion contract from Maharashtra Metro Rail Corporation Ltd for constructing 10 elevated metro stations under the second phase of the Nagpur Metro Rail Project (NMRP). In its regulatory filing, RVNL announced, "We have received a Letter of Acceptance for the construction of (A) seven elevated metro stations in Reach 3A: Hingna Mount View, Rajiv Nagar, Wanadongri, APMC, Raipur, Hingna Bus Station, and Hingna; and (B) three elevated metro stations in Reach 4A: Pardi, Kapsi Khurd, and Transport Nagar." The project is inclusive of GST and is expected to be completed within 30 months. RVNL’s financial performance in Q2 FY25 reflected mixed results. The net profit dropped 27% year-on-year (YoY) to Rs 2.869 billion from Rs 3.943 billion, primarily due to reduced operating margins and lower earnings. Revenue from operations dipped marginally by 1.2% YoY to Rs 48.55 billion compared to Rs 49.143 billion in the same quarter last year. EBITDA declined by 9%, reaching Rs 2.715 billion, with margins narrowing to 5.6% from 6%. Rising operational costs contributed to this decline. However, sequential improvement was noted as net profit grew 28.1% quarter-on-quarter (QoQ), and revenue rose 19.2%. Tax expenses for Q2 FY25 decreased slightly by 0.5% YoY but increased 17.2% QoQ. Shares of RVNL closed at Rs 469.90 on the BSE, up by Rs 3.90 (0.84%). This contract win adds to RVNL’s growing portfolio and aligns with its strategy to strengthen its position in India’s metro rail infrastructure sector. (CNBCTV18)

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