Rites Shares Tank 3% After Profit Slips 5% In Q4

Shares of RITES were tanking on Tuesday afternoon after the company posted its earnings for the quarter ended March.

What Happened: The railway major on Monday reported that its consolidated net profit for the fourth quarter came in at ₹126.10 crore, down around 5% from the ₹132 crore posted in the same quarter last year.

The company’s revenue from operations went down around 6.2% to ₹643.25 crore, compared to the ₹686.81 crore posted in the corresponding quarter of the previous year.

See Also: RVNL Bags ₹72.73 Cr Order From North Central Railways

The company also announced a ₹5 per share dividend. Shares of the company that were already reeling in the red fell sharply after the results came out.

The railway stock has been on a bull run over the past few months but has seen a quiet few days at the bourses. In the last 30 days, the stock has gone up around 3%.

Last month, the company had announced baging an around ₹900 crore order from Bangladesh Railways.

Price Action: RITES’ share price was down around 3.35% to trade at ₹709 in the late hours of trading on Tuesday.

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