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Written by 9:34 pm Sustainable Manufacturing

RITES Q2 Results Live: Profit Falls by 27.85% YOY

RITES Q2 Results Live : RITES announced its Q2 results on November 6, 2024, revealing a significant decline in profitability and revenue. The company’s topline decreased by 7.13% year-over-year, while profit dropped by a staggering 27.85%. Compared to the previous quarter, revenue saw a modest growth of 11.34%, but profit suffered a decline of 7.64%.

In terms of expenses, RITES reported a 4% decline in selling, general, and administrative expenses on a quarter-over-quarter basis, although these expenses increased by 1.54% year-over-year. This mixed performance in expenses has raised questions about the company’s operational efficiency.

The operating income also reflected a downward trend, falling by 0.04% compared to the previous quarter and decreasing by 26.22% year-over-year. Earnings per share (EPS) for Q2 stood at 0.76, marking a drastic decline of 81.95% compared to the same quarter last year.

In terms of stock performance, RITES has delivered a 0.24% return over the last week, but the company has faced a challenging environment with a -10.9% return over the past six months. However, it has managed to maintain a positive year-to-date return of 17.52%.

As of November 7, 2024, RITES has a market capitalization of 14,187.42 crore, with a 52-week high of 412.98 and a low of 217.75. Analyst sentiment is mixed, with 1 analyst rating it as a Sell, 2 as Hold, 1 as Buy, and 1 as Strong Buy. The consensus recommendation currently stands at Hold.

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