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The company said that the profit was impacted due to fall in exports revenue by around 75%.
Revenue from operations declined 12.62% year on year (YoY) to Rs 677.34 crore for the quarter ended 31 December 2022.
Profit before tax stood at Rs 199.39 crore in Q3 FY22, rising 2.52% on YoY basis.
Consolidated EBITDA declined marginally to Rs 194 crore in Q3 FY23 as against Rs 195 crore in Q3 FY22. However, EBITDA margin improved to 28.6% in Q3 FY23 as compared with 25.2% reported in the same quarter previous year.
During the quarter, total expenditure fell 15.38% to Rs 504.95 crore in Q3 FY23 over Q3 FY22. Employee benefits expense was Rs 124.78 crore (down 6.34% YoY) while purchases for export stood at Rs 13.71 (down 86.06% YoY).
Meanwhile, the company's board declared third interim dividend for the financial year 22-23 of Rs 6 per equity share. The record date set for the same purpose is fixed on 17 February 2023.
RITES, a Miniratna (Category-I) Schedule 'A' public sector enterprise, is a leading player in the transport consultancy and engineering sector in India, having diversified services and geographical reach. As of 31 December 2022, the Government of India held 72.2% stake in the company.
Shares of RITES closed 0.54% lower at Rs 330.65 on the BSE.
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