Rail Vikas Nigam (RVNL) Q4 11/12 earnings summary

Executive summary

• FY 2011-12 project-execution turnover rose 10.6% YoY to ₹1,597.91 crore; PBT increased to ₹119.33 crore and PAT to ₹98.38 crore.

• Physical delivery reached 471.7 km across doubling, gauge conversion and electrification; 26 of 91 assigned projects were complete by March 2012.

• The Ministry of Railways assigned 14 additional projects, including the Rishikesh–Karnaprayag National Project.

Financial highlights

• Turnover was ₹1,597.91 crore versus ₹1,444.65 crore in FY 2010-11; other income rose to ₹55.41 crore from ₹39.50 crore.

• PBT increased to ₹119.33 crore from ₹75.45 crore; PAT rose to ₹98.38 crore from ₹61.09 crore.

• Total expenses were ₹1,530.53 crore, including ₹1,476.14 crore of project operating expenses, ₹41.81 crore of employee benefits and ₹12.57 crore of other expenses.

• Net worth rose to ₹2,311.79 crore from ₹2,238.30 crore; reserves and surplus reached ₹226.77 crore.

• Directors recommended a ₹20 crore dividend, up 60% YoY from ₹12.50 crore.

Outlook and guidance

• FY 2012-13 MoU targets: 230 km of doubling/third line and 180 km of railway electrification; turnover target is to exceed ₹1,600 crore.

• Second-loan ADB project works and recently assigned projects are expected to proceed in FY 2012-13; Kolkata Metro and workshop projects will continue.

• Completion of delayed projects will depend on land availability, user plan finalization, timely clearances and coordination around operating rail lines.