The company reported standalone net profit of Rs 15.21 crore for the quarter ended December 31, 2023 as compared to Rs 87.63 crore in the same period last year, registering a year-on-year decline of 82.64 per cent.

Net revenue of the company declined substantially by 32.02 per cent at Rs 402.21 crore in October-December quarter of this fiscal as against Rs 591.66 crore in the corresponding period last year.

During October-December quarter, operating expenses dropped by 18.99 per cent to Rs 358.29 crore from Rs 442.28 crore in year ago period.

Other Income grew by 227.27 per cent at Rs 3.96 crore versus (Dec'22 Rs 1.21 crore).

Operating Profit slipped by 70.60 per cent to Rs 43.92 crore as against Rs 149.38 crore in the year ago period, while Operating Profit Margin (OPM) contracted year-on-year to 56.75 per cent in December quarter.

Interest declined by 48.44 per cent y-o-y to Rs 5.95 crore, while Taxation decreased by 82.89 per cent at Rs 5.59 crore (Dec'22 Rs 32.68 crore).