RITES profit up 37 per cent at Rs 144 crore in Q3

New Delhi, Feb 8 (FN Agency) State-owned RITES Ltd on Tuesday reported 36.6 per cent increase in consolidated profit after tax (PAT) to Rs 144 crore in the quarter ending December, 2021 as compared to Rs 105 crore in the same period last financial year. Total revenue of the company during this period jumped 65 per cent to Rs 792 crore as against Rs 480 crore in the October-December quarter (Q3) of the previous financial year. The company’s Earnings Before Interest, Taxes, Depreciation, and Amortization (EBITDA), a key metric of operating performance, in the third quarter of current financial year surged 46.7 per cent to Rs 195 crore with margin of 25.2 per cent. “RITES continues to build on the growth momentum with total revenue for the quarter reaching Rs 792 crore, up by 64.9 per cent, 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,” said Rahul Mithal, Chairman and Managing Director, RITES. On the outlook for the coming quarters, Mithal said that Budget has 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.

The company in a statement said that the significant revenue increase in the third quarter is mainly attributed to growth in exports and energy business. “Core EBITDA and PAT stood at Rs 195 crore and Rs 144 crore against Rs 133 crore and Rs 105 crore, respectively, in Q3FY21 with operating margins remaining range bound,” it said. The company’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. RITES is a leading player in the transport consultancy and engineering sector in India, having diversified services and geographical reach.