
RVNL, Ircon International shares tumble up to 7% on weak performance in Q2
Live MintStock Market Today: Shares of Rail Vikas Nigam and Ircon International plunged 7.2 per cent and 6 per cent, respectively, in early morning trade on Friday, November 8 after both state-run railway companies reported weaker-than-expected earnings for the September quarter on Thursday. For the September 2024 quarter, RVNL, a project service provider, posted a 27.24 per cent year-on-year decline in net profit to ₹286.88 crore, compared to ₹394.26 crore in the same quarter last year. Ircon International, in contrast, reported an 18 per cent quarter-on-quarter increase in net profit to ₹206 crore in Q2 FY25, although this was down from ₹250.7 crore in the same period last year. Earlier this week, Indian Railway Finance Corporation also reported muted performance for Q2 FY25, with revenue from operations reaching ₹6,898 crore, a 2 per cent YoY increase from ₹6,761 crore in the same quarter last year.
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