Sadbhav Engineering hit a lower circuit of 5% at Rs 12.28 after the construction company reported net loss of Rs 132.10 crore in Q3 December 2022 as against net profit of Rs 26.41 crore in Q3 December 2021.
On a consolidated basis, net sales declined 16.30% to Rs 432.46 crore in Q3 December 2022 over Q3 December 2021.Pre-tax loss stood at Rs 176.05 crore in Q3 FY23 as against pre-tax profit of Rs 33.34 crore in Q3 FY22.
Total expenditure rose 9.9% YoY to Rs 406.53 crore in Q3 FY23. Cost of raw material consumed slumped 82.8% to Rs 18.39 crore while employee expenses fell 47.5% to Rs 14.74 crore.
Meanwhile, the construction company's chief executive officer (CEO), Rohit Modi, tendered his resignation with immediate effect from 14 February 2023. Rohit Modi has been appointed as Group CEO of the Sadbhav Group of Companies including Sadbhav Engineering.
"The Board of Directors of the Company extended their sincere thanks to Rohit Modi for his services to the Company, and wished him success in his new role with the Sadbhav Group of Companies," the company said in a statement.
Ahmedabad-based Sadbhav Engineering is a civil engineering and construction company. The company is engaged in the construction of roads & highways, bridges, mining and irrigation-supporting infrastructure.
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