Shares of Rail Vikas Nigam Limited (RVNL) fell close to 6 percent on August after the firm reported a 35 percent decline in net profit for the first quarter of FY25.
The stock price of the state-run company had plunged as much as 6 percent before recovering to trade at Rs 544.8, down 3.71 percent on NSE at 14:25 pm.
The firm reported a 34.7 percent fall in net profit at Rs 223.92 crore in the June quarter, compared to Rs 343.09 crore in the corresponding period of the previous financial year, according to an exchange filing.
The company had posted a net profit of Rs 478.4 crore in the March quarter, the filing showed.
The revenue from operations of the construction arm of the Railway ministry also fell 26.9 percent to Rs 4,073.8 crore in the quarter under review, compared to Rs 5,571.57 crore in the year-ago period. The revenue stood at Rs 6,714.01 crore in the previous quarter.
The stock of the firm had recorded a sharp plunge in the Monday market mayhem this week, declining 8 percent. Among the PSU pack, RVNL’s fall was the sharpest.
The BSE PSU and CPSE indices had slipped by up to 4 percent, in-line with the fall in Sensex and Nifty, with all components trading in the red on August 5.
In July, the firm had also received an order from Central Railways for Rs 132 crore.
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