RITES reports Q2 profits of Rs 237.21 cr

Mumbai, Nov 13 (IANS) RITES on Wednesday recorded reported profits of Rs 237.21 crore for the September quarter as against a profit of Rs 111.87 crore in the corresponding quarter last year.

The company said its consultancy business has provided revenue of Rs 255 crore against Rs 284 crore in Q2FY19.

The lower revenue is largely due to prolonged monsoon affecting project management consultancy fee and some projects not reaching their billing stages.

The consultancy business has been able to register gross profit margin of 44.5 per cent.

Rajeev Mehrotra, Chairman and Managing Director, RITES Limited said, “I am glad to share that RITES has reported its highest ever quarterly and half yearly performance driven by growth in exports, turnkey works and leasing, besides consultancy continues to be the key segment. Our focus on exports has been productive and we are seeing steady upward momentum from clients.”

–IANS

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