Net Loss of Sadbhav Engineering reported to Rs 24.88 crore in the quarter ended March 2023 as against net loss of Rs 576.89 crore during the previous quarter ended March 2022. Sales declined 35.18% to Rs 425.67 crore in the quarter ended March 2023 as against Rs 656.71 crore during the previous quarter ended March 2022.

For the full year,net loss reported to Rs 588.77 crore in the year ended March 2023 as against net loss of Rs 723.70 crore during the previous year ended March 2022. Sales declined 6.85% to Rs 1776.94 crore in the year ended March 2023 as against Rs 1907.70 crore during the previous year ended March 2022.

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Sadbhav Engineering will hold a meeting of the Board of Directors of the Company on 27 May 2023.

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The board of Sadbhav Engineering at its meeting held on 14 February 2023 has accepted the resignation of Rohit Modi, Chief Executive Officer (CEO) of the Company with immediate effect. He has been assigned a new role with the Sadbhav group of companies.

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On a consolidated basis, net sales declined 16.30% to Rs 432.46 crore in Q3 December 2022 over Q3 December 2021.

Pre-tax loss stood at Rs 176.05 crore in Q3 FY23 as against pre-tax profit of Rs 33.34 crore in Q3 FY22.

Total expenditure rose 9.9% YoY to Rs 406.53 crore in Q3 FY23. Cost of raw material consumed slumped 82.8% to Rs 18.39 crore while employee expenses fell 47.5% to Rs 14.74 crore.

Meanwhile, the construction company's chief executive officer (CEO), Rohit Modi, tendered his resignation with immediate effect from 14 February 2023. Rohit Modi has been appointed as Group CEO of the Sadbhav Group of Companies including Sadbhav Engineering.

The Board of Directors of the Company extended their sincere thanks to Rohit Modi for his services to the Company, and wished him success in his new role with the Sadbhav Group of Companies, the company said in a statement.

Ahmedabad-based Sadbhav Engineering is a civil engineering and construction company. The company is engaged in the construction of roads & highways, bridges, mining and irrigation-supporting infrastructure.

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