This Railway Stock Slides 3% As Profits Dip 9% In Q2

Shares of Indian Railways Finance Corporation were sliding on Friday morning going down close to 3% to hit an intraday low of ₹71.05

What Happened: The slump today comes as IRFC released its financial results for the July-September quarter on Thursday evening. The company reported a net profit of ₹1,549.87 crore, a 9% decrease compared to the ₹1,714.28 crore reported in the corresponding period of the previous year.

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IRFC’s revenue from operations for the quarter stood at ₹6,766.32 crore, reflecting a 16% growth compared to ₹5,809.8 crore in the year-ago period. Earnings per share for the quarter stood at ₹1.20

The company announced an interim dividend of ₹0.8 per equity share. The record date for the dividend has been set as November 10, 2023. The PSU is majorly owned by the government, which has an around 85% stake in the company.

Price Action: IRFC’s share price was down 1.23% to trade at ₹72.15 in early trade on Friday.

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