RVNL‘s share price tanked sharply on Friday morning as the company’s December quarter results disappointed investors.

What Happened: The PSU reported a 6.2% year-on-year decline in net profit, amounting to ₹358.6 crore for the quarter ending December 31, 2023. This downturn contrasts with the net profit of ₹382.4 crore posted in the same quarter of the previous year.

The company’s revenue from operations experienced a parallel decline, decreasing by 6.4% to ₹4,689.3 crore compared to ₹275.6 crore recorded in the corresponding period of the previous year.

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Similarly, RVNL’s EBITDA witnessed a 9.6% decrease, totalling ₹249.1 crore in the third quarter of the current fiscal year, down from ₹275.6 crore in the corresponding period of the previous fiscal year.

The EBITDA margin for the reporting quarter stood at 5.3%, slightly lower than the 5.5% recorded in the same period of the previous year.

Price Action: RVNL’s share price was down 5.36% to trade at ₹266.60 as the markets opened on Friday.

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