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  • RITES Q1FY22 PAT Up By 19.8% :Rites Declares Interim Dividend Of `2 Per Share

    Published on August 15, 2021

    Gurugram : RITES Ltd. (NSE: RITES, BSE: 541556), the leading Transport Infrastructure Consultancy and Engineering company, reported its standalone and consolidated financial results for the Quarter ended on 30th June, 2021.

    Highlights for Q1FY22 Consolidated Financials

    • Total Revenue stands at `377 crore against `379 crore in Q1FY21
    • Operating Revenue stands at `355 crore against `335 crore in Q1FY21 up by 5.7%
    • EBITDA stands at `97 crore against `60 crore in Q1FY21, up by 61.7%
    • Profit After Tax stands at `78 crore against `65 crore in Q1FY21, up by 19.8%
    • Highest ever order book of `6925 crore

    Highlights for Q1FY22 Standalone Financials

    • Total Revenue stands at `359 crore against `366 crore in Q1FY21
    • Operating Revenue stands at `332 crore against `323 crore in Q1FY21 up by 3.0%
    • EBITDA stands at `78 crore against `51 crore in Q1FY21, up by 52.5%
    • Profit After Tax stands at `71 crore against `60 crore in Q1FY21, up by 17.2%
    • Declares Interim Dividend of `2 per share

    Commenting on the results, Shri Gopi Sureshkumar Varadarajan, Director Projects and Chairman & Managing Director (Addl. Charge), RITES Limited, said, “Q1FY22 performance reflects that the company’s sustainable and well-diversified business model held it in good stead in managing short-term challenges. I am pleased that we have been able to increase our profits and sustain margins, despite the disruptions caused by the 2nd wave of Covid.

    Revenue and Profit for Q1FY22

    Consolidated

    RITES operating revenue, excluding other income, is up by 5.7% at `355 crore in Q1FY22 as against `335 crore in Q1FY21. Revenue growth impacted mainly because of disruption caused by 2nd wave of covid, spill-over of exports shipments and 1st phase of turnkey projects getting substantially completed in FY21. Total revenue has remained flat at `377 crore as against `379 crore in Q1FY21. Slight decrease in total revenue can be attributed to decrease in other income on account of decrease in interest income and reversal of provision in Q1FY21. EBITDA and PAT stand at `97 crore and `78 crore against `60 crore and `65 crore, up by 61.6% and 19.8% respectively, in Q1FY21. EBITDA and PAT margins were improved over Q1FY21 and stand at 27.3% and 20.6%, respectively.

    Standalone

    Operating revenue, excluding other income, is up by 3% and stands at `332 crore in Q1FY22 against `323 crore in Q1FY21. Total standalone revenue stands at `359 crore against `366 crore in Q1FY21. EBITDA and PAT stand at `78 crore and `71 crore against `51 crore and `60 crore, up by 52.5% and 17.2% respectively, in Q1FY21. EBITDA and PAT margins stand at 23.4% and 19.6%, respectively.

    Dividend

    The Board of Directors has declared an interim dividend of `2 per share amounting `48 crore for FY22 which is 20% of the paid-up capital.

    The record date for the purpose of payment of dividend is August 21, 2021.

    Performance of segments

    Consultancy business continued to provide highest revenue to the company and achieved a revenue of `204 crore, up by 10.6% over Q1FY21, with sustain margins at 40.8%. The margins rationalizing due to covid restriction during the quarter and less quality assurance revenue, however revenue from foreign projects has started showing growth.

    Leasing revenue stands at `32 crore in Q1FY22 as against `24 crore in Q1FY21. Revenue in the segment is showing growth over the pre-Covid level with profit margins of 41.5%.

    Revenue from exports is spilling over to Q2FY22. Thirty (30) coaches which were at the port as on 30th June 21, has since been shipped during Q2FY22.

    Turnkey revenue during Q1FY22 stands at `95 crore against `114 crore in Q1FY21. The decrease in revenue and margins is mainly on account covid disruptions and 1st phase of turnkey projects getting substantially completed in FY21.

    Revenue and Profit After Tax of REMC Ltd stand at `25 crore and `12 crore against `14 crore and `5 crore in Q1FY21, up by 69.2% and 163% respectively. With this growth, the business of REMC Ltd has reached the pre-covid level.

    Order Book

    With about 45 new and extension of the orders worth around `1000 crore, company has been able to achieve its highest ever order book of `6925 crore as on 30th June 2021.

    Further commenting on outlook, Shri Gopi Sureshkumar Varadarajan said, “We are continuously adding on to our order book and confident of achieving steady growth on account of efficient order execution.”