RITES Ltd has announced its financial results for the second quarter of FY25, highlighting changes in revenue and net profit.
Revenue from Operations
For the quarter ending September 30, 2024, RITES reported a revenue from operations of ₹540.86 crore. This reflects:
- A quarter-on-quarter (QoQ) increase of approximately 11.35% from ₹485.76 crore in Q1 FY25.
- A year-on-year (YoY) decline of about 7.12% compared to ₹582.36 crore in Q2 FY24.
Net Profit (Profit After Tax)
The net profit for the period (Profit After Tax) stood at ₹82.50 crore for Q2 FY25. This represents:
- A QoQ decline of around 8.88% from ₹90.44 crore in Q1 FY25.
- A YoY decline of approximately 25.1% from ₹110.17 crore in Q2 FY24.
These results indicate a growth in revenue on a quarterly basis but a decline in net profit, highlighting some operational or market challenges. The annual comparisons show a reduction in both revenue and profit, which may suggest the need for enhanced strategies to sustain profitability amidst evolving market conditions.
RITES Ltd has also announced a second interim dividend of ₹1.75 per share for FY 2024-25, with the record date set for November 15, 2024. This decision was made during the Board meeting, which concluded with the approval of the unaudited financial results for Q2 and H1 of FY 2024-25 along with the dividend declaration. This dividend reflects the company’s commitment to returning value to its shareholders despite the fluctuations in quarterly and yearly financial performance.
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