Published on 11/11/2020 9:21:31 AM | Source: IANS

RITES reports 44% fall in its Q2 net profit

Posted in Stock Market| #Stock Market #Quarterly Result #RITES Ltd

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RITES Ltd on Tuesday reported a 44 per cent year-on-year fall in its net profit for the July-September quarter at Rs 132 crore.

During the same period last year, the company had reported a net profit of Rs 237 crore.

Revenue of the company during the period under review, declined to Rs 500 crore, from Rs 888 crore during the second quarter of last fiscal, the company said in a statement.

However, on a quarter-on-quarter basis, the revenue grew around 33 per cent.

RITES Ltd Chairman and Managing Director Rajeev Mehrotra said: "Despite current scenario, Q2FY21 revenue has increased by 33 per cent over the previous quarter. The company continued to focus on project execution, order book consolidation and sustaining margins."