Rail Vikas Nigam Limited will hold an investor conference call on Friday, May 17, 2024, at 4:30 PM IST to discuss its financial results and operations for the quarter and fiscal year ended March 31, 2024. The disclosure, made pursuant to Regulation 30 read with Part A of Schedule III of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, ensures transparency for market participants seeking management insights on the company’s performance.

The call aims to provide clarity on the company's financial health and operational metrics for FY24. Management representatives attending the session include Pradeep Gaur, Chairman and Managing Director; Rajesh Prasad, Director (Operations); and Sanjeeb Kumar, Director (Finance) & CFO. This direct engagement allows investors to query leadership on strategic initiatives and financial outcomes directly.

Call Details and Access

Stakeholders can access the proceedings through designated dial-in numbers or via an express join link provided by IDBI Capital Markets and Securities Ltd, which is facilitating the event. The transcript of the call will be subsequently hosted on the company’s official website at www.rvnl.org , ensuring equal access to information for all investors in compliance with fair disclosure norms.

The notice was issued by Kalpana Dubey, Company Secretary & Compliance Officer, and digitally signed on May 13, 2024. It was addressed to the National Stock Exchange of India Ltd. and BSE Ltd., confirming the schedule for the public record. No specific financial figures were disclosed in this intimation, as the filing serves solely to notify stakeholders of the upcoming discussion platform.

What the Numbers Show

While specific financial metrics are not detailed in this scheduling notice, the decision to host a dedicated call for both quarterly and annual results underscores the significance of the FY24 performance review. Investors will likely focus on revenue growth trends, order book updates, and margin sustainability during the discussion, given the company's role in India's railway infrastructure development.

Rail Vikas Nigam Limited reported a consolidated net profit of ₹1,574.47 crore for the financial year ended March 31, 2024 (FY24), marking a 17.3% year-on-year increase from ₹1,341.75 crore in FY23. Revenue from operations rose 7.9% to ₹21,889.23 crore, driven by higher project execution and other income. The Board of Directors, in a meeting held on May 17, 2024, approved the audited results and recommended a final dividend of ₹2.11 per equity share, representing a payout ratio of 21.10%, subject to shareholder approval at the ensuing Annual General Meeting.

The results were reviewed by the Audit Committee and approved under Regulation 30, 33, and 43 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. Statutory auditors V.K. Dhingra & Co. issued an unmodified opinion on both standalone and consolidated financial statements. The company adopted the new tax regime under Section 115BAA of the Income Tax Act, 1961, effective from FY24, opting for a lower corporate tax rate of 22% plus applicable surcharge and cess.

Financial Performance Highlights

Consolidated revenue from operations stood at ₹21,889.23 crore in FY24, compared to ₹20,281.57 crore in FY23. Other income increased to ₹1,185.57 crore from ₹996.44 crore, contributing to total income of ₹23,074.80 crore. Total expenses rose to ₹21,125.83 crore from ₹19,638.84 crore, primarily due to higher operating expenses.

Standalone net profit was ₹1,462.95 crore, up 15.4% from ₹1,267.97 crore in the previous year. Standalone revenue reached ₹21,732.58 crore, a 7.2% increase over FY23.

Balance Sheet and Cash Flow

Total consolidated assets grew to ₹19,611.99 crore from ₹18,343.79 crore. Non-current assets increased to ₹9,866.20 crore, driven by a significant rise in capital work-in-progress to ₹93.79 crore from ₹1.27 crore. Investments in joint ventures (equity method) rose to ₹2,395.17 crore from ₹1,893.76 crore. Borrowings decreased to ₹5,515.77 crore from ₹6,030.59 crore, indicating deleveraging.

Cash and cash equivalents closed at ₹1,104.05 crore on a consolidated basis, up from ₹836.67 crore. Net cash flow from operating activities turned positive to ₹2,954.43 crore, reversing a outflow of ₹4,063.97 crore in FY23.

Key Disclosures and Risks

The auditor highlighted significant receivables from joint venture Krishnapatnam Railway Company Limited (KRCL). As of March 31, 2024, the amount receivable from KRCL was ₹1,453.39 crore, including ₹797.55 crore on account of interest. Management has kept the claim for departmental charges @ 5% of completion cost in abeyance pending board review, following a waiver request from KRCL.

The company also disclosed a GST liability provision of ₹2.60 crore for pending assessments, while maintaining that demands amounting to ₹124.38 crore are unlikely to sustain based on expert advice. Consolidated results for FY23 were restated, showing a decrease of ₹78.92 crore due to adjustments between provisional and audited financials of special purpose vehicles.