RITES PAT rises 86% to Rs 145 crore in Q1FY23; operating revenue up by 70%

The Indian Railways’ export arm and infrastructure consultancy RITES Ltd declared its April-June quarter results for 2022-23 (Q1FY23), where the company’s profit after tax grew 85.8 per cent to Rs 145 crore.

Operating revenue, excluding other income, is up by 70.4 per cent at Rs 605 crore in Q1FY23 as against Rs 355 crore in Q1FY22. Total revenue was Rs 637 crore as against Rs 377 crore in Q1FY22. The increase in the total revenue was supported by continued momentum across all sectors and disciplined execution, a company statement said, adding that this is RITES' highest ever operating revenue in the first quarter.

"Our performance in Q1 shows that RITES continues to be on the path of a V-shaped recovery in sync with the rebound of the economy," said Rahul Mithal, chairman and managing director of the state-owned firm.

EBITDA and profit after tax stood at Rs 179 crore and Rs 145 crore against Rs 97 crore and Rs 78 crore, up by 84.5 per cent and 85.8 per cent, respectively, in Q1FY22. EBITDA and PAT margins were improved and stood at 29.7 per cent and 22.7 per cent, respectively.

The growth in revenue and profits is attributable to all segments, RITES said. With about Rs 700 crore of new and extended orders in its book, the company has a current order book of Rs 5,206 crore as on 30 June 2022.