Rail Vikas Nigam (RVNL) Q4 12/13 earnings summary

Executive summary

• FY13 turnover reached ₹2,116.85 crore, up 32% YoY; PAT rose to ₹135.55 crore, the first year above ₹100 crore.

• Physical delivery included 237 km of doubling and 188 km of pure railway electrification; 423 km completed in total, plus 215 km of electrification within other projects.

• Recommended dividend was a record ₹27 crore; expected FY13 MoU rating remained Excellent.

Financial highlights

• Revenue from operations was ₹2,116.85 crore vs ₹1,597.92 crore YoY; total revenue was ₹2,204.96 crore vs ₹1,654.29 crore.

• PBT rose to ₹167.46 crore from ₹119.33 crore; PAT increased to ₹135.55 crore from ₹98.38 crore.

• EPS was ₹0.65 vs ₹0.47; reserves and surplus stood at ₹332.58 crore vs ₹226.77 crore.

• Ministry of Railways project turnover grew to ₹1,898.47 crore from ₹1,365.59 crore; SPV and other deposit work turnover was ₹212.22 crore vs ₹215.76 crore.

• Project-execution income rose to ₹89.56 crore from ₹67.48 crore, excluding DPE-guideline fund appropriations; dividend income increased ₹7.5 crore, with remaining profit growth attributed to bank and SPV interest.

Outlook and guidance

• FY14 MoU targets: 250 km of doubling/third line and 200 km of railway electrification; turnover target ₹2,200 crore, with an aim to exceed it.

• FY14 execution priorities include second-tranche ADB projects, newly transferred works, Kolkata Metro expansion and workshop projects.

• Expected FY13 MoU rating was Excellent, after exceeding the physical targets of 230 km doubling and 180 km electrification.