RITES shares trade 3.8% lower after Q3 net profit declines 12%

In Q3FY24, the company secured more than 100 orders worth more than Rs 612 crore.

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Shares of RITES fell 3.8 percent at the open on the NSE on February 1,  a day after the company announced its Q3FY24 results. As of 9:30am, the transport infrastructure consultancy and engineering firm was trading at Rs 676.40.

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In a regulatory filing, RITES reported an operating revenue of Rs 683 crore for the quarter ended December 2023 against Rs 677 crore in the previous fiscal. EBITDA for Q3FY24 was Rs 171 crore and the net profit for the reporting period was  Rs 129 crore as against Rs 148 crore in the previous fiscal.

In Q3FY24, the company secured more than 100 orders worth more than
Rs 612 crore, the filing said, with an order book of Rs 5,496 crore till date.

Also read: RITES shares rocket 19%, as co bags Rs 414-crore order; join rail stocks’ rally

Rahul Mittal, chairman and managing director of RITES Ltd, in a post-earnings release said that the company aims to aggressively grow across sectors and effectively leverage the capex push on infrastructure development.

For the quarter, the company has declared the third interim dividend of Rs 4.75 per share amounting to Rs 114 crore. According to the filing, the record date for the purpose of payment of dividend is February 9, 2024.

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