RITES revenue up by 65 per cent to ₹792 crore against ₹480 crore in Q3FY21

Gurugram, India (Urban Transport News): RITES Ltd., the leading Transport Infrastructure Consultancy and Engineering company, reported its standalone and consolidated financial results for the Quarter and nine months ended on 31^th December, 2021. 

Commenting on the results, 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 andenergy 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 `32crore 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, 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.”