RITES Share Price Falls After Q3 Net Profit, Revenue Decline
Net profit of RITES was down by 16.7% at Rs 100 crore in the quarter ended Dec. 31, 2024.
Shares of RITES Ltd. declined over 4% on Tuesday, after the company's third-quarter net profit and revenue fell. It margins also contracted.
Net profit of the company was down by 16.7% at Rs 100 crore in the quarter ended Dec. 31, 2024, compared to Rs 120 crore in the same period last year. The decline in profit was in line with a decrease in revenue, which fell by 15.7% to Rs 576 crore, down from Rs 683 crore a year earlier.
The company also faced a sharp decline in Ebitda, which dropped by 30.5% to Rs 117 crore from Rs 169 crore in the previous year. This was coupled with a contraction in Ebitda margin at 20.4% from 24.7% in the same period last year.
RITES Share Price
The scrip fell as much as 4.50% to Rs 243.15 apiece. It pared losses to trade 0.79% lower at Rs 252.60 apiece, as of 2:12 p.m. This compares to a 1.03% advance in the NSE Nifty 50.
It has fallen 29.98% in the last 12 months. The relative strength index was at 33.
Out of seven analysts tracking the company, five maintain a 'buy' rating, and two recommend a 'hold', according to Bloomberg data. The average 12-month analysts' consensus price target implies an upside of 32.5%.
