RVNL Q1 consolidated profit declines over 20% to Rs 141 Cr

RVNL was incorporated as an 100 per cent owned PSU of Ministry of Railways in 2003 with the twin objectives of raising extra-budgetary resources and implementation of projects relating to creation and augmentation of capacity of rail infrastructure on fast track basis.

Rail Vikas Nigam Ltd (RVNL) on Saturday reported a 20.60 per cent decline in its consolidated net profit to Rs 140.98 crore for the quarter ended on June 30, 2020. The public sector enterprise under the Ministry of Railways had clocked a consolidated net profit of Rs 182.15 crore in the year-ago quarter.

Its total consolidated total income for the quarter under review rose to Rs 2,967 crore as against Rs 2,898 crore in the year-ago period. RVNL was incorporated as an 100 per cent owned PSU of Ministry of Railways in 2003 with the twin objectives of raising extra-budgetary resources and implementation of projects relating to creation and augmentation of capacity of rail infrastructure on fast track basis. RVNL became fully functional by March 2005 and is empowered to act as an umbrella SPV (special purpose vehicle) to undertake project development, resource mobilisation etc. directly or by creating project specific SPVs or by any other financing structure found suitable.