Gurugram: RITES Ltd. the leading Transport Infrastructure Consultancy and Engineering firm, announced its standalone and consolidated financial results for the Quarter and Half-Year ended on September 30th, 2022. The company reported good H1 performance with year-on-year growth of 13.3%.
The Takeaways
Sequential standalone & consolidated revenue growth of 8.7% & 7.5%, respectively
Order Book of Rs 5008 crore (as on Sept 30, 2022); secured 70+ orders worth Rs 440 cr in Q2FY23
Secured GC for Ahmedabad Metro Phase-II & EPC work for Kollam Station Development
Declares 2nd Interim Dividend of Rs 4.5 per share
Q2FY23 Consolidated Financials
Total Revenue stands at Rs 684 crore against Rs 789 crore in Q2FY22
Operating Revenue stands at Rs 659 crore against Rs 766 crore in Q2FY22
EBITDA stands at Rs 181 crore against Rs 226 crore in Q2FY22
Profit After Tax stands at Rs 140 crore against Rs 174 crore in Q2FY22
H1FY23 Consolidated Financials
Total Revenue stands at Rs 1321 crore against Rs 1166 crore in H1FY22
Operating Revenue stands at Rs 1264 crore against Rs 1121 crore in H1FY22
EBITDA stands at Rs 361 crore against Rs 324 crore in H1FY22
Profit After Tax stands at Rs 285 crore against Rs 252 crore in H1FY22
Commenting on the results, Mr. Rahul Mithal, Chairman and Managing Director, RITES Limited, said, “The trend of sequential growth as also seen vis-a-vis H1 of the previous year continues despite a dip in the Export stream of revenue. The results reiterate our core strength and the USP of having a diversified business portfolio.”
Financial Performance in Q2FY23
Consolidated
RITES operating revenue, excluding other income, is down by 13.9% at Rs 659 crore in Q2FY23 as against Rs 766 crore in Q2FY22. Total revenue is Rs 684 crore as against Rs 789 crore in Q2FY22. Sequentially, there is a growth of 7.5% and 8.9% in total and operating revenue, respectively.
The decrease in the revenue is mainly attributed to the lesser export of rolling stock during the quarter. EBITDA and PAT stand at Rs 181 crore and Rs 140 crore against Rs 226 crore and Rs 174 crore, respectively, in Q2FY22. EBITDA and PAT margins at 27.5% and 20.7%, respectively, remained range-bound despite an increase in the low-margin turnkey revenue.
Standalone
Operating revenue, excluding other income, is down by 15.1% at Rs 632 crore in Q2FY23 against Rs 744 crore in Q2FY22. Total standalone revenue is Rs 663 crore against Rs 767 crore in Q2 FY 22. EBITDA and PAT stand at Rs 158 crore and Rs 131 crore against Rs 208 crore and Rs 163 crore, respectively, in Q2FY22. EBITDA and PAT margins are 25% and 19.8%, respectively.
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