RITES Ltd., the leading Transport Infrastructure Consultancy and Engineering firm, today announced its standalone and consolidated financial results for the Quarter ended on June 30th , 2023, the company on Friday announced through an exchange filing.
The Takeaways
i) Operating revenue (consolidated) stands at ₹563 crore; PAT ₹120 crore
ii) EBITDA (consolidated) at ₹161 crore with 29.6 percent margins
iii) ₹5702-crore Order Book; Secured 70+ orders worth ₹300+ crore during Q1FY24
“The Q1 results show movement in the right direction vis-a-vis our envisaged goal for this FY, of being able to reduce the impact of the changed business dynamics on the QA front and downtick of the Export revenue y-o-y by consolidating our Project Consultancy business,” said Rahul Mithal, Chairman and Managing Director, RITES Limited.
Financial Performance in Q1FY24
RITES operating revenue (consolidated), excluding other income, stands at ₹544 crore in Q1FY24 as against ₹605 crore in Q1FY23, dip by 10 percent. Total revenue is ₹563 crore as against ₹637 crore in Q1FY23. EBITDA and PAT stand at ₹161 crore and ₹120 crore with margins of 29.6 percent and 21.3 percent, respectively, which have remained range-bound. Year-on-year, there is a decrease in revenue which is mainly attributed to dip in the exports and revenue from quality assurance.
Standalone
Operating revenue, excluding other income, stands at ₹504 crore in Q1FY24 against ₹578 crore in Q1FY23. EBITDA and PAT, with respective margins of 25.1 percent and 18.4 percent, stand at ₹126 crore and ₹96 crore.
Dividend
The Board of Directors has declared the first interim dividend of ₹3.75 per share amounting ₹90 crore. The record date for the purpose of payment of dividend is August 7th 2023.
Order Book
The company has secured more than 70 orders (including extension of works) worth more than ₹300 crore in Q1FY24, thereby maintaining a healthy order book of ₹5702 crore as on June 30th 2023.
Outlook
On the growth prospects, Mithal said, “Building up on this performance further in the coming quarters, we are confident of being able to tap the upcoming opportunities in the Project Consultancy stream and the Export business, in line with our vision for this financial year.”
RITES Ltd Shares
The shares of RITES on Friday at 3:30pm IST were at ₹453.45, down by 5.20 percent.
