IRFC‘s share price continued to tank on Monday as the investors seemed disappointed by the company’s December quarter results.
What Happened: In the December quarter, the railway company recorded a 1.7% year-on-year decrease in its net profit, amounting to ₹1,604 crore compared to ₹1,633 crore reported in Q3 FY23.
The PSU witnessed an 8% annual increase in its revenue from operations, reaching ₹6,742 crore, as opposed to ₹6,218 crore in the corresponding period of the previous year.
IRFC, along with several other rail public sector undertakings (PSUs), has experienced a notable surge in its stock performance over the past year. This upward trend in railway counters is largely attributed to the government’s emphasis on bolstering the sector.
However, the stocks have been under selling pressure after the budget. The railway companies’ results have also failed to impress investors.
Price Action: IRFC’s share price was down 7.81% to trade at ₹141.70 shortly after market open on Monday.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.