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IDBI Capital Report
Rail Vikas Nigam Ltd.'s Q2 FY22 profit after tax came in-line with our estimate.
Profit after tax (up 49% YoY) is led by execution (revenue up 26% YoY) and improved performance from special purpose vehicle which has benefited from increase in the cargo movement.
In Q2 FY22, Rail Vikas Nigam has received order inflow of Rs 15 billion. Orders are won on competitive bidding which has higher Ebitda margin.
Post the result we have increased revenue by 4%/8% for FY22E/23E and profit after tax by 12%/15%.
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