New Delhi: RITES Limited on Thursday reported 12.5 percent drop in consolidated profit at Rs 128.78 crore for the quarter ended December 31, 2023.

The company had posted a profit of Rs 147.18 crore for the year-ago period, RITES said in a filing to BSE.

Public Sector's voice PSU Watch is now on Whatsapp Channels. Click here to join

Income dropped to Rs 699.85 crore from Rs 703.38 crore in the year-ago period, the filing said.

"The sequential progress is in line with the direction that we had strategised in the beginning of the FY, in having received an export order after a long gap, sustained growth in our project consultancy revenue and steady growth in our EBITDA," RITES Ltd Chairman and Managing Director Rahul Mithal said.

RITES Ltd, an enterprise under Ministry of Railways, is a multidisciplinary engineering and consultancy organization, providing a comprehensive range of services from concept to commissioning in all facets of transport infrastructure and related technologies.

(PSU Watch– India's Business News centre that places the spotlight on PSUs, Bureaucracy, Defence and Public Policy is now on Google News. Click here to follow. Also, join PSU Watch Channel in your Telegram. You may also follow us on Twitter here and stay updated.)