RITES Ltd shares jumped over 5 percent on Thursday after the railways engineering consultancy company 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 percent.
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."
Shares of RITES ltd quoted at Rs 296.70 on BSE at 10.08 am, up 3.36 percent. The stock opened at Rs 300 on Thursday and touched a new 52-week high of Rs 303.55. It had closed at Rs 287.05 on Wednesday.
The combined volume of shares traded on both BSE and NSE is more nearly 7.7 lakh.
So far this year, RITES shares have gained over 35 percent, while the one-year return on the stock is over 18 percent.
-with inputs from IANS
First Published: IST