Meanwhile, the company has also received letter of award (LoA) from Ministry of Railways for manufacturing and maintenance of Vande Bharat trainsets including upgradation of the government manufacturing units and trainset depots.

The total quantity is 200 trainsets and cost per set is Rs 120 crore. RVNL's share will be 25% in the project and the period of execution is 82 months.

Rail Vikas Nigam is in the business of executing all types of railway projects including new lines, doubling, gauge conversion, railway electrification, metro projects, workshops, major bridges, construction of cable stayed bridges, institution buildings etc. As of 31 December 2022, the Government held 78.2% stake in the company.

The company had reported 30.5% rise in consolidated net profit to Rs 382.42 crore in Q3 FY23 from Rs 293.01 crore posted in Q3 FY22. Revenue from operations declined marginally to Rs 5,012.09 crore in Q3 FY23 as against Rs 5,049.24 crore posted in the same quarter last year.

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