RVNL wins Rs 1.87 bn bid for Nagpur Metro Stations project

28 May 2024 CW Team

Rail Vikas Nigam (RVNL), a major railway construction company, announced that it had been identified as the lowest bidder for a Rs 1.87 billion metro stations project in Nagpur. The project execution is scheduled to take 30 months.

The rail public sector undertaking (PSU) informed exchanges that RVNL had emerged as the Lowest Bidder (L1) from Maharashtra Metro Rail Corporation (Nagpur Metro) for the construction of six elevated metro stations, namely Cantonment, Kamptee Police Station, Kamptee Municipal Council, Dragon Palace, Golf Club, and Kanhan River Metro Station. These stations span between Ch. ? 7576.78mm to Ch - 13457.76m in Reach 2B of NMRP Phase 2.

Previously, on May 20, RVNL had reported a strong quarter with a 17.4% revenue growth from the previous year, reaching Rs 67.14 billion. The margin had also expanded by 20 basis points, increasing from 6.6% to 6.8%.

RVNL's net profit saw a year-on-year increase of 33%, amounting to Rs 4.78 billion. By the end of the financial year 2024, the company?s total order book stood at Rs 850 billion, with Rs 400 billion from the bid portion and Rs 450 billion from the nomination portion.

Additionally, on Monday, the company received the Letter of Acceptance (LoA) from the South Eastern Railway to achieve its 3,000 MT loading target. This involves designing, supplying, erecting, testing, and upgrading an electric traction system from 1x25 KV to 2x25 KV traction in the Kharagpur division.

RVNL?s share price closed at Rs 368.55 per share, reflecting a nearly one percent decline in trade on that day. Despite this, the stock has gained over 100% so far this year.

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