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In an exchange filing, the civil construction company said, “Finance Minister has approved the upgradation of RVNL to Navratna CPSE. RVNL will be the 13th Navratna amongst the CPSEs. RVNL is a Ministry of Railways CPSE with an annual turnover of Rs 19,381 crore and net profit of Rs 1,087 crore for the year 2021-22.”
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.
The scrip declined 0.47% to currently trade at Rs 104.11 on the BSE.
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