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Rail Vikas Nigam (RVNL) said on February 8 that its consolidated net profit for the quarter ending December 2023 (Q3FY24) decreased by 6.2% to ₹358.6 crore. In comparison to the previous year, the company's revenue from operations decreased by 6.4% to ₹4,689.3 crore.
RVNL's income from other activities increased by 16.6% year over year to ₹327.6 crore, which contributed to offset a decline in the company's earnings for the quarter that ended in December 2023. The company's net profit decreased sequentially by 9.1% from ₹394.4 crore in the quarter that ended September 2023. RVNL's operating revenue in Q2FY24 was ₹4,914.32 crore, a 4.6% quarter-over-quarter fall.
RVNL has seen its topline fall consecutively for three straight quarters in a row. The company's revenues have fallen from Rs 5,719.9 crore during Q4FY23. In the last quarter, analysts had raised concerns over the company's falling topline. RVNL's shares had fallen over a percent in the morning trade on February 8. In standalone terms, net profit fell 4.4% from ₹341.02 crore during Q3FY23 to ₹326 crore during the period under review. The revenue from operations in the standalone terms fell 6.7% to ₹4,675.9 crore during the period under review.
Recently, the Ministry of Railways unveiled the conferment of Navratna status upon RVNL. This elevation in status will result in a heightened transfer of authority, increased operational latitude, and greater fiscal independence for RVNL. These transformative changes are poised to significantly catalyze the company's advancement, especially as it endeavours to extend its influence beyond the domestic railway domain, venturing into international ventures.
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