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NRIPage | Articles | RVNL Gets Rs 3,622 Crore Bharat Net Project, Reports Decline in Profit | Get Business News. Grow and Thrive in the Modern Market around the world - NRI Page
Rail Vikas Nigam Ltd (RVNL) has secured a significant contract worth Rs 3,622 crore from Bharat Sanchar Nigam Ltd (BSNL) for the development of Bharat Net's middle-mile network. The contract, awarded on a design, build, operate, and maintain model, involves the creation, upgradation, and operation and maintenance of the network. The project is set to be completed within three years, with a maintenance period of 10 years. The contract also includes an annual maintenance cost based on a percentage of the capital expenditure (capex) over the first five and next five years.
Despite this substantial new project, RVNL reported a 27% decline in its consolidated net profit for the second quarter of the current financial year, falling short of analyst expectations. The company's net profit for the quarter ending September 2023 was Rs 286.9 crore, down from Rs 394.4 crore in the same period last year. Revenue from operations also saw a slight dip, falling by 1.2% to approximately Rs 4,855 crore.
Shares of RVNL rose by 2.72% during the day but closed 1.29% lower, in line with broader market movements. Over the last 12 months, RVNL’s stock price has risen 68.55%. However, analysts are divided on the stock, with one recommending a ‘buy’ rating, one suggesting a ‘hold,’ and another advising a ‘sell.’
