RVNL Secures Infra Project Worth Rs 730 Crore From Himachal Electricity Board
Rail Vikas Nigam Ltd. received a letter of acceptance for an infrastructure project worth Rs 729.8 crore from the Himachal Pradesh State Electricity Board Ltd.
The contract involves developing distribution infrastructure in the central zone of Himachal Pradesh as part of the "revamped reforms-based and results-linked, distribution sector scheme". The project is expected to be completed within a timeframe of 24 months, according to an exchange filing on Tuesday.
Earlier in February, the company bagged a letter of acceptance from East Coast Railway for a Rs 404.4-crore road-doubling project. The project involves "earth work in formation of approaches, protection works and other connected miscellaneous works between Tikiri and Bhalumaska stations".
RVNL's revenue fell 2.6% to Rs 4,567 crore in the third quarter of the current fiscal as compared to Rs 4,689 crore for the same period last year. The company's net profit slumped by 13% to Rs 311 crore for the quarter under review as against Rs 359 crore for the year ago period.
Shares of RVNL closed 0.79% higher at Rs 326.15 apiece on the NSE, compared to a 0.17% fall in the benchmark Nifty. The stock has fallen 2.52% in the last 12 months.
Out of three analysts tracking the company, one suggests 'buy' and two recommend 'sell', according to Bloomberg data. The average of 12-month analysts' price targets implies a potential downside of 17.2%.
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