One of the leading railway stocks under the PSU NBFC basket, Rail Vikas Nigam (RVNL) will be in focus next week after its healthy Q4 earnings and final dividend recommendation for FY24. On May 18, during the special live trading session, RVNL shares witnessed tremendous buying sentiment, rising by at least 5% on BSE in the day. RVNL shares currently are a top pick for short-term gains with a target price of Rs 340.
RVNL Share Price:
In the special trading session on Saturday, RVNL shares zoomed to hit an intraday high of Rs 305 before correcting. Eventually, the stock ended at Rs 299.65 apiece, up 3.06% on BSE with a market cap of Rs 62,477.63 crore.
This week, RVNL shares jumped by 16% on BSE, while YTD, the stock rallied by 64.3%. However, in a year, the stock has climbed by a whopping 157.64%.
The stock is nearing its 52-week high of Rs 345.60.
RVNL Earnings:
This giant Navratna company earned a consolidated revenue from operations of Rs 6,714.0 crore in Q4FY24, registering massive growth of 17.4% from Rs 5,719.83 crore in the same quarter last year. While the growth of 43.17% sequentially compared to revenue of Rs 4,689.33 crore in Q3FY24.
Meanwhile, its bottom line was robust as well. RVNL posted growth of 33.17% YoY and 33.42% QoQ in consolidated net profit to Rs 478.4 crore.
FY24 revenue was at Rs 21,889.23 crore compared to Rs 20,281.57 crore in FY23. While PAT was at Rs 1,574.47 crore in FY24 versus Rs 1,341.75 crore in FY23.
RVNL Dividend:
As per the regulatory filing, RVNL has recommended a final dividend of Rs 2.11/- per share (i.e. 2 1.10%) on the paid-up equity share capital for the financial year 2023-24 subject to the approval of the Shareholders at the ensuing Annual General Meeting (AGM). The Final Dividend for 2023-24 will be paid within 30 days from the date of its declaration at the AGM.
The Record Date/Date of Book Closure for payment of Final Dividend would be fixed and intimated in due course, it said.
This will be RVNL's first dividend in 2024. Also, RVNL paid dividends up to 21.30% amounting to Rs 2.13 per share for FY23.
RVNL Share 2024 Target Price:
According to Prabhudas Lilladher earlier, the stock has picked up well from the significant 50EMA level of 252 to gain strength and has moved past the previous peak zone of 271 levels to improve the bias and further rise is anticipated.
It added that the RSI spiked after the consolidation period signalling a buy. With the chart looking attractive, we suggest buying the stock for an upside target of the 340 level keeping the stop loss of the 255 level.
Earlier this week, RVNL received d Letter of Acceptance from Southern Railway for "Provision of Automatic Block Signaling system in Jolarpettai Junction to Erode Junction of Salem Division in Southern Railway." The project cost is at Rs 239.09 crore with a time frame of 12 months for execution.
RVNL was incorporated as a Public Sector Undertaking for the mandate to: Undertake and execute successfully the project development, financing, and implementation of projects related to rail infrastructure. Mobilize financial and human resources for project implementation.
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