RITES Q2: Net Profit Down 25% To ₹82.5 Cr, Shares In Red

RITES reported its Q2 results on Wednesday afternoon.

What Happened: RITES saw its consolidated net profit decline 25.11% year on year to ₹82.5 crore. The public sector company’s revenue declined 7.12% from the previous year to ₹540.86 crore. The numbers missed the analyst estimates of ₹91 crore net profit and ₹553 crore revenue.

In the previous year, the company reported a net profit of ₹110.17 crore and a revenue of ₹582.36 crore.

The company also declared the second interim dividend of ₹1.75 per share. It has announced November 15 as the record date for the interim dividend.

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RITES recently received a letter of acceptance from Delhi Metro Rail Corporation Limited to Retrofit Work in RS-1 Trains of DMRC. The order is worth ₹36.36 crore.

Axis Securities in its preview said that revenue was going to decline due to slower execution impacted by higher rainfall.

Price Action: Shares of RITES fell 0.34% to ₹293.70 on Wednesday after the results came out.

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