Rail Vikas Nigam Q2FY25 profit jumps 39% QoQ; auditors flag KRCL receivables
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Rail Vikas Nigam's Q2FY25 results show mixed headline profit but weakening fundamentals: YoY declines in standalone and consolidated net profit, sharply lower order inflows, and a backlog covering only ~0.5 quarters of revenue. Auditor emphasis on large KRCL receivables and accrued interest highlights counterparty and collection risk. Margin pressure also persists. The combination signals execution and credit concerns, likely weighing on near-term risk appetite for the name.
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AI تجزیاتی سمجھ · NCCOGOLD2USD/USDTAI تجزیاتی سمجھ
▼ Bearish
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Rail Vikas Nigam (RVNL) reported standalone net profit of Rs 302.51 crore in Q2FY25, up 39% quarter-on-quarter but down 18.3% year-on-year. Consolidated net profit came in at Rs 286.89 crore, a 27.2% decline from a year ago.
Auditors highlighted a Rs 1,463 crore receivable from joint venture KRCL, along with a large interest component, pointing to elevated credit risk. The order backlog is thin, covering only about half a quarter of revenue, while Q2 order inflows fell 46% sequentially.
Operating profitability remains under pressure, with OPM estimated to ease to 3.76% in FY26. The results underscore weakening execution momentum and rising receivables risk, adding meaningful pressure to RVNL's stock.
