RVNL Bags Rs 95 Crore NMDC Order; Stock Falls 0.75%

Shares of Rail Vikas Nigam Ltd (RVNL) fell 0.75% after touching the day’s high of Rs 271.80 on 17th March. This happened despite the company announcing that it has received a letter of acceptance (LoA) from NMDC Ltd for a Rs 95.27 crore contract. The contract is to undertake the refurbishment of permanent railway tracks and related infrastructure in Chhattisgarh.

The contract includes the refurbishment of railway tracks and sidings. It also includes maintenance work at Kirandul and Bacheli, to be completed over 36 months.

The order has been awarded by a domestic entity. There is no promoter or group interest involved, and it is not a related-party transaction.

This adds to RVNL’s growing orders from NMDC, following contracts worth Rs 1,978 crore secured last month.

RVNL Q3 Results

In Q3, RVNL reported revenue of Rs 4,684 crore, up 2.6% YoY. EBITDA fell 8% to Rs 220.8 crore, with margins narrowing to 4.7% from 5.2% last year. The company also announced an interim dividend of Rs 1 per share for shareholders.

At 12:55 PM, shares of RVNL were trading 0.73% lower at Rs 264.75 on the NSE.

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