Shares of Rail Vikas Nigam Ltd (RVNL) plunged more than 11% on Friday after the state-run railway company posted a year-on-year (YoY) fall in its revenue and net profit for the third quarter of the 2024 fiscal year (Q3FY24). 

RVNL’s shares hit an intraday low of Rs 250.50, 11.08% lower than its previous closing price on the National Stock Exchange (NSE). At 02:10 pm, the stock was trading 8.27% lower at Rs 258.40. 

RVNL’s consolidated net profit for Q3FY24 decreased by 6.2% to Rs 358.57 crore from Rs 382.42 crore in the year-ago period, despite a 16.6% jump in income from other operations. Its net profit fell 9.1% from Rs 394.42 crore during the quarter ending September 2023. 

The company’s revenue from operations stood at Rs 4,689.33 in the quarter ending December 2023, a 6.4% drop compared to the corresponding period last year and a 4.8% drop on a sequential basis. 

RVNL is an executing arm of Indian Railways and develops projects on a turnkey basis. According to the December shareholding pattern, RVNL’s promoters held a 72.84% stake in the company.