Railway Stock Jumps 4% As Profit Soars 34% In Q4

IRFC‘s share price shot up on Tuesday morning going up over 4% to hit an intraday high of ₹181.

What Happened: The company reported a 33.6% year-on-year increase in net profit, reaching ₹1,717 crore compared to ₹1,285 crore in the same period the previous year. The public service enterprise's expenses for the quarter were ₹4,760.6 crore, down from ₹4,945 crore a year earlier.

See Also: Nikhil Kamath Set To Invest In This Luxury Fashion Brand: Report

Total revenue from operations for the March quarter rose by 1.73% to ₹6,473 crore, up from ₹6,193 crore in the corresponding quarter last year. The railway major announced a final dividend of ₹0.70 per equity share for the year ending March 2024. The company is yet to announce the record date for the dividend payment.

The board also approved raising up to ₹50,000 crore for the financial year 2024-25 from both domestic and international markets.

The railway company has been on a golden run at the bourses. In the last five sessions, the IRFC share price has gone up around 20%. The strong showing has helped the stock continue its bull run.

Price Action: IRFC's share price was up 3.61% to trade at ₹179.51 shortly after market open on Tuesday.

Read Next: How To Check Go Digit IPO Allotment Status

Don't miss a beat on the share market. Get real-time updates on top stock movers and trading ideas on Benzinga India Telegram channel.

Posted In: EquitiesMarketsMoversTrading IdeasIRFC