Shares of RITES were plummeting on Friday after the public sector transport consultancy and engineering firm announced weak third-quarter results, extending losses from the previous session.
What Happened: RITES reported operating revenue of ₹683 crore for the quarter ended December 2023, compared with ₹677 crore in the previous fiscal, it said in an exchange filing.
Its EBITDA for Q3 stood at ₹171 crore, and net profit for the reporting period was ₹129 crore, down from ₹148 crore in the previous fiscal.
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During Q3, the company successfully secured over 100 orders valued at more than ₹612 crore, as per the filing. The total order book as of the date was reported at ₹5,496 crore.
Rahul Mittal, Chairman, and Managing Director of RITES Ltd, stated in a post-earnings release that the company aims for aggressive growth across sectors, aiming to leverage the capex push on infrastructure development effectively.
For the quarter, RITES declared the third interim dividend of ₹4.75 per share, totaling ₹114 crore. The record date for the dividend payment is set for February 9.
Railway stocks came off lofty highs on Thursday after the government’s Interim Budget outlined lesser spending allocation towards railways than street expectations.
Price Action: RITES’ share price was down 3.85% at ₹676 around noon on Friday. the stock had risen nearly 35% last month.
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