Shares of GR Infraprojects Ltd were trading in the red and 6% lower on 13 February after the company posted quarterly earnings for October-December.

In its quarterly report, the company reported a 24.9% year-on-year decline in its consolidated net profit to Rs 242.8 crore for the quarter under review from Rs 323.3 crore reported in the same quarter last year.

The revenue from operations for the quarter stood at Rs 2,134.1 crore, marking a 2.6% YoY dip from Rs 2,191.9 crore reported in the same quarter of the previous fiscal year.

The EBITDA (earnings before interest, taxes, depreciation and amortisation) for the quarter saw a 65.9% YoY decline to Rs 407.7 crore in Q3FY24 from Rs 1,194.8 crore reported in Q3FY23. The EBITDA margin during the quarter significantly contracted to 19.1% from 54.5% reported in the same quarter of the previous financial year.

In January 2024, the company announced its emergence as a successful bidder and received a LoI (letter of Intent) for the establishment of a ‘Transmission system for Evacuation of Power from RE Projects in Rajgarh (1000 megawatt) SEZ in Madhya Pradesh‐Phase II’ from REC Power Development and Consultancy Limited. The annual transmission charge is Rs 41.97 crore, which has to be completed in 24 months and has an operation period of 35 years.

At 11:55 am, the shares of GR Infraprojects were trading 1.91% lower at Rs 1,205.15 on NSE.