Pimpri Chinchwad Smart City places an order with RailTel Corporation of India for Rs. 700 crore

RailTel Corporation of India has secured an order from Pimpri Chinchwad Smart City Limited (PCSCL) to provide comprehensive services for the monetization of PCSCL City Network Infrastructure. This arrangement operates on a revenue-sharing model. Following this development, RailTel Corporation's shares experienced a rise of more than 3 percent and achieved a 52-week high of Rs 182.65 in early trade on August 8. Over the past year, the company's stock has shown an impressive growth of over 90 percent.

The aforementioned order from PCSCL involves RailTel Corporation offering end-to-end solutions for the monetization of PCSCL City Network Infrastructure. In addition to this, on August 2, RailTel Corporation had also received an order worth Rs. 78.58 crore from the Centre for Railway Information Systems (CRIS) for the procurement of cloud infrastructure for the Next Generation Passenger Reservation System (PRS) of Indian Railways.

In terms of financial performance, RailTel Corporation posted a substantial increase of 49.36 percent in its net profit during Q1FY24, reaching Rs 37.46 crore as compared to Rs 25.08 crore in Q1FY23. Its standalone revenue from operations for Q1FY24 stood at Rs 463.46 crore, reflecting a YoY growth of 25 percent, compared to Rs 370.46 crore during the corresponding period in the previous year.

Content source: Media reports