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RITES Q2 results: Net profit plunges 25% to ₹82.5 crore; company announces interim dividend
2 min read | Updated on November 06, 2024, 18:33 IST
SUMMARY
RITES announced its second interim dividend of the financial year 2024-25 at ₹1.75 per share. Additionally, the company revealed its quarter two results, posting a 23% fall in its EBITDA.
The EBITDA margin contracted from 23.6% in the previous year to 19.9% in the second quarter of the fiscal
Furthermore, the PSU announced the second interim dividend of the fiscal at ₹1.75 per share and fixed the record date on Friday, November 15. The dividend has a payout ratio of 97.9%.
Shares of RITES closed at ₹295.20 on the NSE on Wednesday, up 0.17% from the previous close.
The decline in net profit was partly due to an 8% fall in consolidated total income, which dropped from ₹608.81 crore in Q2 FY24 to ₹562.13 crore in Q2 FY25.
Its revenue from operations fell 7% to ₹540.86 crore in the second quarter of FY’25 from ₹582.36 crore in the same period a year earlier.
The Earnings Before Interest, Taxes, Depreciation, and Amortisation (EBITDA) dropped by 23% to ₹107 crore from ₹138 crore last year.
The EBITDA margin contracted from 23.6% in the previous year to 19.9% in the second quarter of the fiscal.
“Our performance is in line with our aim to be improving sequentially and trying to reach levels of the previous FY, navigating the evolving business scenario,” Rahul Mithal, Chairman and Managing Director of RITES Limited said.
According to the NSE, the company has a total market capitalisation of ₹14,201.84 crore as of November 6.
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