RITES second quarter results announced in real time: profit fell 27.85% year-on-year

RITES Second Quarter Results Live Broadcast: RITES announced its second quarter results on November 6, 2024, showing a significant decline in profitability and revenue. The company’s revenue fell 7.13% year over year, while profits fell a staggering 27.85%. Compared with the previous quarter, revenue increased slightly by 11.34%, but profits fell by 7.64%.

On the expense front, RITES reported that selling, general and administrative expenses fell 4% sequentially, although these expenses increased 1.54% year-over-year. The mixed spending performance raises questions about the efficiency of the company’s operations.

Operating income also showed a downward trend, down 0.04% month-on-month and 26.22% year-on-year. Second quarter earnings per share (EPS) were $0.76, a significant decrease of 81.95% compared with the same period last year.

In terms of stock performance, RITES returned 0.24% last week, but the company faces a challenging environment, returning -10.9% over the past six months. However, it has maintained a positive return of 17.52% year-to-date.

As of November 7, 2024, RITES has a market capitalization of $Rs 14,187.42 Crore, 52-week High $412.98 and lowest price $217.75. Analyst sentiment is mixed, with 1 rating it a Sell, 2 rating it a Hold, 1 rating it a Buy, and 1 rating it a Buy. Analysts rate it a “Strong Buy.” The current consensus recommendation is to maintain the hold.