Shares of GR Infrastructure opened in the red and were trading 5% lower on 10 November after the company reported a 35% YoY decline in net profit in its quarterly earnings.
The company reported a 35% year-on-year (YoY) decrease in its net profit to Rs 217.16 crore for the quarter from Rs 336.23 crore reported in the year-ago quarter.
The revenue from operations saw a 12% YoY decline to Rs 1,882.78 crore for the quarter from Rs 2,136.36 crore reported in the same quarter of the previous fiscal year.
Earlier, the company announced that it has emerged as an L-1 bidder in a financial bid for the tender invited by RITES on behalf of Shri Mata Vaishno Devi Shrine Board, Katra.
The tender is for the design, construction, engineering, finance, development, and operations and maintenance of a passenger ropeway between Tarakote and Sanjichhat at Katra on a BOOT (build, own, operate, transfer) basis.
The total cost of the project is estimated to be Rs 200 crore, and the concession period is 33 years, which includes 3 years of construction period.
The shares of the company touched a 52-week high of Rs 1,381.60 on 07 August 2023 and a 52-week low of Rs 930.00 on 28 March 2023.
At 11:45 am, the shares of GR Infraprojects were trading 3.24% lower at Rs 1,114.80 on NSE.