RITES Ltd., the leading Transport Infrastructure Consultancy and Engineering firm, announced its standalone and consolidated financial results for the Quarter ended on 30th June 2022.
More details:
Major Takeaways:
- Highest-ever operating revenue in Q1FY23 among all Q1s
- Highest-ever core EBITDA in Q1FY23 among all Q1s
- Secured more than 90 projects worth more than ₹700 crore during the quarter
Highlights for Q1FY23 Consolidated Financials:
- Total Revenue stands at ₹637 crore against ₹377 crore in Q1FY22, up by 68.8%
- Operating Revenue stands at ₹605 crore against ₹355 crore in Q1FY22, up by 70.4%
- EBITDA stands at ₹179 crore against ₹97 crore in Q1FY22, up by 84.5%
- Profit After Tax stands at ₹145 crore against ₹78 crore in Q1FY22, up by 85.8%
Highlights for Q1FY23 Standalone Financials:
- Total Revenue stands at ₹610 crore against ₹359 crore in Q1FY22, up by 69.9%
- Operating Revenue stands at ₹578 crore against ₹333 crore in Q1FY22 up by 73.9%
- EBITDA stands at ₹156 crore against ₹78 crore in Q1FY22, up by 99.7%
- Profit After Tax stands at ₹129 crore against ₹70 crore in Q1FY22, up by 83.4%
- Declares Interim Dividend of ₹4 per share
Commenting on the results, Mr. Rahul Mithal, Chairman and Managing Director, RITES Limited, said, “Surging Ahead: Our performance in Q1 shows that RITES continues to be on the path of a V-shaped recovery in sync with the rebound of the economy.”
Financial Performance:
- Consolidated: RITES operating revenue, excluding other income, is up by 70.4% at ₹605 crore in Q1FY23 as against ₹355 crore in Q1FY22. Total revenue was ₹637 crore as against ₹377 crore in Q1FY22. The increase in the total revenue was supported by continued momentum across all sectors and disciplined execution. EBITDA and PAT stood at ₹179 crore and ₹145 crore against ₹97 crore and ₹78 crore, up by 84.5% and 85.8%, respectively, in Q1FY22. EBITDA and PAT margins were improved and stood at 29.7% and 22.7%, respectively. The growth in revenue and profits is attributable to all segments.
- Standalone: Operating revenue, excluding other income, was up by 73.9% and stood at ₹578 crore in Q1FY23 against ₹333 crore in Q1FY22. Total standalone revenue was ₹610 crore against ₹359 crore in Q1FY22. EBITDA and PAT stood at ₹156 crore and ₹129 crore against ₹78 crore and ₹70 crore, up by 99.7% and 83.4%, respectively, in Q1FY22. EBITDA and PAT margins were 27% and 21.2%, respectively.
- Dividend: The Board of Directors has declared an interim dividend of ₹4 per share amounting ₹96 crore for FY23 which is 40% of the paid-up capital. The record date for the purpose of payment of dividend is August 5, 2022.
- Segments: Consultancy business continued to provide the highest revenue to the company and achieved the revenue of ₹284 crore, up by 38.6%, with margins at 45.2%. Leasing revenue was ₹34 crore in Q1FY23 as against ₹32 crore in Q1FY22 with sustained profit margins of 41.0%. Turnkey revenue stood at ₹181 crore against ₹95 crore in Q1FY22, up by 90.6%. The growth in consultancy and turnkey works is mainly driven by a pick-up in execution.
- Order Book: With about 90 new and extension of the orders worth more than ₹700 crore, the company has been able to maintain a healthy order book of ₹5206 crore as on 30th June 2022.
- Outlook: Commenting on the growth prospects, Mr. Mithal said, “We will continue to strive to not only maintain this trajectory but build on it in the coming months.”
About RITES Limited:
- RITES Limited is a Miniratna (Category – I) Schedule ‘A’ Public Sector Enterprise and a leading player in the transport consultancy and engineering sector in India, having diversified services and geographical reach.
- The company has an experience spanning 48 years and undertaken projects in over 55 countries in Asia, Africa, Latin America, South America, and the Middle East region.
- RITES Limited is an export arm of Indian Railways for providing rolling stock overseas.
Source: RITES -Press Release | Image Credit (representational): RITES
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