RVNL Q3 consolidated net profit zooms 171% to ₹281 cr
1 min read.Updated: 11 Feb 2021, 04:00 PM IST Written By Staff Writer
RVNL's other income came at ₹120 crore in Dec-quarter as against ₹73.9 crore in the year-ago period
The company expects to fully recover the carrying amounts of the assets and comfortably discharge its obligations
Rail Vikas Nigam Ltd (RVNL) on Thursday reported a consolidated net profit of ₹281 crore, a jump of 171% for the quarter ended 31 December, 2020. The company had posted a net profit of ₹103 crore in the year-ago period.
RVNL's December-quarter consolidated revenue from operations rose 0.9% to ₹3,732 crore as against ₹3,699 crore in December, 2019.
The company stated a higher other income for the December quarter. The other income came at ₹120 crore as against ₹73.9 crore in the year-ago period. Other income includes ₹50 crore being the amount of reversal made during-the quarter of the provision made in FY 2019-20 towards expenses on account of Covid-19, RVNL said in a BSE filing.
In a BSE filing, RVNL said that the outbreak of Coronavirus( COVID-19) globally and in India has impacted businesses and economic activities in general. "Though there is increase in operating revenue in the quarter ending December 20202 in comparison to previous quarter, but there has been decrease in comparison of nine months results over the corresponding period of last year," RVNL said in a statement.
The company expects to fully recover the carrying amounts of the assets and comfortably discharge its obligations. It also said that it is positive on the long-term business outlook as well as its financial position.
However, RVNL mentioned that it will continue to monitor developments to identify significant uncertainties relating to business operations in future periods.
On Thursday, RVNL's scrip on BSE closed 4.25% higher at ₹31.90 apiece.