PSP Projects tumbled 7.78 per cent to Rs 590.10 after the consolidated net profit fell 40.8 per cent to Rs 21.54 crore on a 7.8 per cent fall in revenue from operations to Rs 359.98 crore in the second quarter of FY23 over the second quarter of FY22.

During the second quarter of FY23, Profit before tax (PBT) stood at Rs 29.65 crore in the second quarter of FY23, down 38.6 per cent from Rs 48.26 crore in the second quarter of FY22. Total expenses slipped 2.87 per cent year on year to Rs 336.62 crore in Q2FY23.

Cost of materials consumed stood at Rs 116.85 crore, down 6.92 per cent, Construction Expenses were at Rs 210.53 crore, up 13.5 per cent, employee benefits expenses were at Rs 22.49 crore, up 44.95 per cent, and finance cost stood at Rs 70.49 crore, up 85.25 per cent.

The project is a multidisciplinary construction company offering a diversified range of construction and allied services all over India’s industrial, government, government residential, institutional, and residential projects.