RITES reports 30% fall in Q3 net profit

Railway engineering consultancy company RITES on Wednesday reported a nearly 30 per cent fall in its consolidated net profit for the quarter ended December at Rs 105.31 crore.

During the same quarter of the last fiscal, the company had reported a consolidated net profit of Rs 150.05 crore.

The company’s revenue from operations declined 27.5 per cent on a year-on-year basis to Rs 449.29 crore during the period under review.

RITES Ltd Chairman and Managing Director Rajeev Mehrotra said: “Working towards post-pandemic economic growth, the company has maintained its focus on project execution, sustaining margins, and consolidation of order book.”

A company statement said that the company’s order book stands at Rs 6,534 crore as on December 31, 2020, which provides revenue visibility for two to three years.

Mehrotra said: “The emphasis on infrastructure development in the Union Budget 2021-22, National Rail Plan and National Infrastructure Pipeline will help drive the growth of the sector, thus providing us opportunities to achieve double-digit growth in FY22 and beyond.”