IRFC posted its earnings for the quarter ended June on Monday evening.
What Happened: The company’s net profit for the June quarter came in at ₹1,576.8 crore, up marginally compared to the ₹1,551.2 crore posted in the same quarter last year. The railway major’s total revenue from operations for the April-June quarter came in at ₹6,765.63 crore, a 1.37% increase from the ₹6,673.8 crore posted in the same quarter last year.
During the quarter under review, the railway company’s expenses stood at ₹5,189 crore slightly higher than the ₹5,124 crore posted a year ago.
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IRFC’s share price was upbeat on Monday ahead of the results. The stock was surging along with other railway PSU stocks such as RVNL and IRCON driven by the Union Cabinet’s approval of eight railway projects worth over ₹24,000 crore.
Price Action: IRFC’s share price was up 2.65% to close at ₹184.56 on Monday.
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