RITES Q3 results: Profit drops 13% to Rs 129 cr, income at Rs 699 cr

RITES Ltd on Thursday reported 12.5 per cent drop in consolidated profit at Rs 128.78 crore for the quarter ended December 31, 2023.

The company had posted a profit of Rs 147.18 crore for the year-ago period, RITES said in a filing to BSE.

Income dropped to Rs 699.85 crore from Rs 703.38 crore in the year-ago period, the filing said.

The sequential progress is in line with the direction that we had strategised in the beginning of the FY, in having received an export order after a long gap, sustained growth in our project consultancy revenue and steady growth in our EBITDA," RITES Ltd Chairman and Managing Director Rahul Mithal said.

RITES Ltd, an enterprise under Ministry of Railways, is a multidisciplinary engineering and consultancy organization, providing a comprehensive range of services from concept to commissioning in all facets of transport infrastructure and related technologies.