GR Infraprojects Ltd, a leading infrastructure company, disclosed its financial results for the third quarter ending December 31, 2023, reporting a 24.9% year-on-year decline in net profit, which fell to ₹242.8 crore from ₹323.3 crore in the same quarter last year, as stated in a regulatory filing.
The company’s revenue from operations also witnessed a dip of 2.6%, totaling ₹2,134.1 crore compared to ₹2,191.9 crore in the corresponding period of the preceding fiscal year.
At the operating level, the EBITDA (earnings before interest, tax, depreciation, and amortisation) faced a significant downturn, plummeting by 65.9% to ₹407.7 crore in Q3 FY24, as opposed to ₹1,194.8 crore in the corresponding period of the previous fiscal. The EBITDA margin stood at 19.1% in the reporting quarter, marking a notable decrease from 54.5% in the same period of the previous fiscal.
Despite these challenges, GR Infraprojects continues to maintain a strong market presence. However, the downturn in net profit and revenue, along with a significant decline in EBITDA, indicate operational headwinds that the company is navigating.
The financial results were released after the close of market hours, and shares of GR Infraprojects Ltd ended at ₹1,259.80, reflecting a decrease of ₹30.05, or 2.33%, on the BSE.
