This railway PSU stock has jumped 19% this month to hit all-time high, will it gain further?

The IRFC stock jumped close to 5% on Monday to trade at ₹192.8 apiece on the NSE, its highest-ever level since listing in January 2021. The stock has surged over 23% in the past two weeks, with much of the rally coming after the company announced its earnings for the quarter ended March 2024 (Q4 FY24).

IRFC stock has given consistent returns to investors. In the 2022 calendar year, the PSU stock rose over 42%, while in 2023, IRFC share jumped 205%. Meanwhile, the stock is up over 88% so far in 2024.

On May 20, IRFC announced that its net profit for the March quarter jumped 33.6% year-on-year to ₹1,717 crore. Total revenue from operations, however, inched up 1.73% to ₹6,473 crore.

For full fiscal FY24, IRFC’s net profit stood at ₹6,412 crore, up 4% compared with the previous fiscal. Total revenue jumped 12% to ₹26,655 crore in FY24.

IRFC also recommended the final dividend of ₹0.7 per equity share of the face value of ₹10 each. This was in addition to the interim dividend of ₹0.80 declared on November 2, 2023, thereby making the total dividend for FY24 to ₹1.5 per share.

The IRFC share price also got a boost after the company informed that its board of directors had approved raising ₹50,000 crore in one or more tranches during FY 2024-25 through a prudent mix of instruments to meet the funding requirements of Indian Railways, including new business activities, committed liabilities, refinancing of existing loans and for other general corporate purposes.

Shares of IRFC Ltd were trading 1.87% higher at ₹187.45 apiece on the NSE at 11:40 am.