RITES Ltd. (NSE: RITES, BSE: 541556), the leading Transport Infrastructure Consultancy and Engineering company, reported its standalone and consolidated financial results for the Quarter and nine months ended on 31th December, 2021.
Commenting on the results, Mr. Rahul Mithal, Chairman and Managing Director, RITES Limited, said, “RITES continues to build on the growth momentum with total revenue for the quarter reaching ₹792 crore, up by 64.9%, against Q3FY21. 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.”
Revenue and Profit for Q3FY22
Consolidated
The consolidated revenue in Q3FY22 has increased to ₹792 crore as against ₹480 crore in Q3FY21. Similarly, operating revenue, excluding other income, stood at ₹775 crore in Q3FY22, up by 70.6%, as against ₹454 crore in Q3FY21. This significant revenue increase is mainly attributed to growth in exports and energy business. Core EBITDA and PAT stood at ₹195 crore and ₹144 crore against ₹133 crore and ₹105 crore, respectively, in Q3FY21 with operating margins remaining range bound.
Standalone
The total revenue on YoY basis in Q3FY22 has increased by 66.0% to ₹771 crore. Similarly operating revenue, excluding other income, stood at ₹755 crore in Q3FY22, up by 71.9% against ₹439 crore in Q3FY21. EBITDA and PAT stood at ₹179 crore and ₹134 crore against ₹122 crore and ₹99 crore, respectively, in Q3FY21.
Performance of standalone segments
- Revenue from consultancy services was up by 1% to `247 crore while maintaining margins of 39.2%.
- Revenue from leasing business stood at 32 crore in Q3FY22 as against 29 crore in Q3FY21 while maintain margins of 37.8%.
- With the export to Sri Lanka and Mozambique, the segment recorded multi-fold growth to ₹357 crore in Q3FY22 with a margin of 24.1%
- Revenue from turnkey in Q3FY22 has decreased by 30.8% to ₹110 crore. Revenue from recently secured electrification and Rail Over Bridge projects is likely to reflect in subsequent quarters.
Performance of 9MFY22
Easing of Covid-19 restrictions has led to growth across all segments, except turnkey, during 9MFY22. RITES total consolidated revenue stood at ₹1958 crore in 9MFY22 against ₹1355 crore in 9MFY21. Similarly, the operational revenue, excluding other income, stood at ₹1896 crore in 9MFY22 against ₹1276 crore in 9MFY21. EBITDA and PAT stood at ₹519 crore and ₹396 crore, up by 39.3% and 30.9%, respectively.
Order Book
Company’s order book stands at `5,131 crore on account of non-consideration of the non-starter projects and some reduction in scope of the projects. On the outlook, Mr. 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.”
