Saturday, May 14, 2022

Q3 FY’22: RITES registers 36.6% increase in net profit over CPLY

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New Delhi: Miniratna Railways PSU RITES Limited has declared its financial performance for the third quarter (Q3) of the current financial year (FY 2021-22). The company registered a significant increase in its standalone and consolidated financial performances over the corresponding period of last year (CPLY).

Q3 performance

On the consolidated basis, RITES’ net profit (PAT) rose to Rs 144 crore in Q3 of FY’22 against Rs 105 crore in FY'21, registering a growth of 36.6 percent. The total revenue has gone up by 64.9 percent to Rs 792 crore against Rs 480 crore in Q3 FY21, while operational revenue has also gone up by 70.6 percent to Rs 775 crore. EBITDA up by 46.7 percent to Rs 195 crore with margin of 25.2 percent.

On standalone basis, net profit of RITES gone up to Rs 134 crore registering a growth of 35.1 percent. The total revenue has gone up by 66 percent to Rs 771 crore, while operational revenue has also gone up by 71.9 percent to Rs 775 crore. EBITDA up by 46.8 percent to Rs 179 crore with margin of 23.7 percent.

Performance in nine months

The easing of COVID-19 restrictions has led to growth across all segments, except turnkey, during nine months of FY22. RITES total consolidated revenue stood at Rs 1,958 crore in nine months of FY22 against Rs 1,355 crore in nine months FY21. Similarly, the operational revenue, excluding other income, stood at Rs 1,896 crore in nine months FY22 against Rs 1,276 crore in nine months of FY21. EBITDA and PAT stood at Rs 519 crore and Rs 396 crore, up by 39.3 percent and 30.9 percent, respectively.

Commenting on the results, RITES Limited's Chairman & Managing Director (CMD) Rahul Mithal said, “RITES continues to build on the growth momentum with total revenue for the quarter reaching Rs 792 crore, up by 64.9 percent, against Q3 of FY21. Our focus will be to consolidate on this position and follow the mantra — Not just more of the same, but much more of the new.”

Order Book

RITES’s order book stands at Rs 5,131 crore on account of non-consideration of the non-starter projects and some reduction in scope of the projects.

On the outlook, Mithal said, “The recent Budget has further thrown up a number of exciting opportunities and RITES will continue to work on its strategy of Diversification and equipping itself to be Future Ready.”

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