RVNL rises after consortium bags LoA for Rs 1,845-cr project

Rail Vikas Nigam gained 2.10% to Rs 31.60 after the company informed that RVNL-SP Singla Constructions consortium has been awarded a letter of acceptance (LoA) by National Highways Authority of India (NHAI).

The LoA is for a project that involves construction of 4-laning of NH-5 from Kaithlighat to Shakral Village in Himachal Pradesh on hybrid annuity mode. The total estimated cost of the project is Rs 1,844.77 crore.

Rail Vikas Nigam (RVNL) is in the business of executing all types of railway projects including new lines, doubling, gauge conversion, railway electrification, metro projects, workshops, major bridges, construction of cable stayed bridges, institution buildings etc. As of 31 March 2022, the Government held 78.2% stake in the company.

The company reported 1% fall in consolidated net profit to Rs 378.16 crore in Q4 FY22 from Rs 381.79 crore posted in Q4 FY21. Net sales stood at Rs 6,437.54 crore for the quarter ended 31 March 2022 as against Rs 5,577.92 crore during the same period in the previous year, registering a growth of 15.4%.

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