RITES reports PAT of Rs 147 cr in Q3 FY23

On consolidated basis, the civil construction company's net profit rose marginally to Rs 147.18 crore in Q3 FY23 from Rs 143.87 crore posted in Q3 FY22.

The company said that the profit was impacted due to fall in exports revenue by around 75%.

Revenue from operations declined 12.62% year on year (YoY) to Rs 677.34 crore for the quarter ended 31 December 2022.

Profit before tax stood at Rs 199.39 crore in Q3 FY22, rising 2.52% on YoY basis.

Consolidated EBITDA declined marginally to Rs 194 crore in Q3 FY23 as against Rs 195 crore in Q3 FY22. However, EBITDA margin improved to 28.6% in Q3 FY23 as compared with 25.2% reported in the same quarter previous year.

During the quarter, total expenditure fell 15.38% to Rs 504.95 crore in Q3 FY23 over Q3 FY22. Employee benefits expense was Rs 124.78 crore (down 6.34% YoY) while purchases for export stood at Rs 13.71 (down 86.06% YoY).

Meanwhile, the company's board declared third interim dividend for the financial year 22-23 of Rs 6 per equity share. The record date set for the same purpose is fixed on 17 February 2023.

RITES, a Miniratna (Category-I) Schedule 'A' public sector enterprise, is a leading player in the transport consultancy and engineering sector in India, having diversified services and geographical reach. As of 31 December 2022, the Government of India held 72.2% stake in the company.

Shares of RITES closed 0.54% lower at Rs 330.65 on the BSE.

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