RITES Q4 results: Net profit decreased by 4% to Rs. 143.93 crores for FY20
RITES Q4 results: Initially, it is also known as “Rail India Technical and Economic Service” in India located in Gurgaon. It is one of the largest engineering consultancy services involved in transport and infrastructure. The company works under the Government of India established in 1974. It also provides services in rail transport management in India.
Meanwhile, on Wednesday, July 1st, the companies share surge almost 5% in the stock market. The main reason for this is due to the company reported its Q4 results for the financial year 2019-20. The company’s consolidated net profit decreased by 4.28% to Rs. 143.93 crores in Q4FY20. While the company also posted its net profit of Rs. 150.38 crores in the same quarter last financial year 2018-19.
Besides, the company’s total revenue also decreased to Rs. 614.24 crores in this quarter ended on March 31st. While the company also posted its total revenue of Rs. 789.19 crores in the same quarter last fiscal year. The total expenditure decreased to Rs. 422.38 crores as against Rs. 568.21 crores in the same quarter last year.
In the financial year 2019-20, the companies net profit increased by 29.29% to Rs. 633.26 crores as against Rs. 489.77 crores in the same quarter last year. While the company’s income from REMCL for this quarter reported at Rs. 81.00 crores as against Rs. 83.00 in the same period last year. The revenue was impacted due to low demand during the national-wide lockdown.
Rajeev Mehrotra, MD, Chairman said, “The company was impacted and faced a lot of challenges due to COVID-19. However, we are pleased to inform you that our company has demonstrated sustained growth momentum across all segments during FY20.
However, RITES Limited reported a bullish trend in the stock market on Wednesday, July 1st. The company gained 15.25 points with a 6.19% increase and reached 261.50 INR. While in BSE, the company gained 10.75 points with a 4.37% increase and reached 256.95 INR.
Stock Market July 1st:
On Wednesday, both Sensex and Nifty reported a bullish trend in the stock market after bearish reports in the last three sessions. The Sensex is trading above 35,400 levels and Nifty is trading above 10,400 levels in the stock market. The Sensex gained 498.65 points with a 1.43% increase and reached a 35,414.45 level. While Nifty gained 127.95 points with a 1.24% increase and reached 10,430.05 level.
On the other side, the number of coronavirus cases in India reached 5,85,493 as of Wednesday, July 1st, and deaths reached 17,400.
In the border market, the S&P BSE SmallCap reported a bullish trend in the stock market on Wednesday. It gained 47.90 points with a 0.39% increase and reached 12,428.65 level. On the other side, the S&P BSE Midcap gained 23.18 points with a 0.18% increase and reached a 13,078.46 level. While Nifty Bank gained 607.45 points with a 2.84% increase and reached 21,977.60 level.
Top Gainers on July 1st: Axis Bank, Bajaj Finserv, UPL, HDFC, and Bajaj Finance are the top gainers in today’s stock market.
Top Losers on July 1st: M&M, NTPC, Nestle India, Cipla, and Larsen & Toubro are the top losers in today’s stock market.