Meanwhile, the civil construction company said that it has received LoA received from Ministry of Railways for manufacturing cum maintenance of Vande Bharat trainsets including up-gradation of the Government manufacturing units & trainset depots.

The total quantity of the order is 120 trainsets ans cost per set is Rs 120 crore. According to the deal, RVNL's share will be 25% in the project and the period of execution is 82 months.

Further, the PSU company announced that TTIPL (Tracks & Towers Infratech) - RVNL consortium received LoA from NHAI for construction of six-lane Greenfield Varanasi-Ranchi-Kolkata highway from Sonepurbigha village to junction with NH-22 (Chatra Bypass) near Chatra under Bharatmala Pariyojana in Jharkhand on hybrid annuity mode (Package-8).

The cost of project stood at Rs 1,271.98 crore and is to be executed in two years. As per the contract, TTIPL will hold 51% of the share while RVNL share will be 49% in the project.

Rail Vikas Nigam 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 December 2022, the Government held 78.2% stake in the company.

The company had reported 30.5% rise in consolidated net profit to Rs 382.42 crore in Q3 FY23 from Rs 293.01 crore posted in Q3 FY22. Revenue from operations declined marginally to Rs 5,012.09 crore in Q3 FY23 as against Rs 5,049.24 crore posted in the same quarter last year.