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Revenue from operations increased marginally to Rs 4,914.32 crore in Q2 FY24 from Rs 4,908.90 crore reported in Q2 FY23.
Profit before tax decreased marginally to Rs 479.61 crore in September 2023 quater compared from Rs 480.98 crore posted in Q2 FY23.
On half-year basis, the company's net profit increased by 8.58% to Rs 737.16 crore on 9.80% jumped in revenue from operation to Rs 10,485.89 crore in H1 FY24 over H1 FY23.
Meanwhile, the company informed that the Ministry of Railways has imposed penalty of Rs 7.5 crore on Kinet Railway Solutions for violation of clause of Manufacturing cum Maintenance Agreement (MCMA).
The Kinet Railway Solutions has failed to provide performance security within 45 days of issue of LOA. Rail Vikas Nigam, being one of the promoters of Kinet Railway Solutions. Kinet Railway Solutions has also requested Ministry of Railways for waiver of the penalty amount paid
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.
The scrip shed 2.55% to Rs 156.40 on the BSE.
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