RITES reports 14% jump in Q1 net profit at Rs 93 crore

Government-owned transport infrastructure consultancy and engineering consultancy company RITES Ltd said on Tuesday its standalone profit after tax moved up by 14.5% year-on-year to Rs 93 crore during the April to June quarter of current fiscal year.

The total revenue was up by 50% to Rs 554 crore in the same period while operating revenue jumped 67% to Rs 519 crore. Earnings per share stood at Rs 4.63 as compared to last year's Rs 4.05, up by 14.3%.

"All our four segments have shown continuous growth in revenue and profitability. As a result, we have been able to maintain healthy sustainable margins," said Chairman and Managing Director Rajeev Mehrotra.

Consultancy business continued to provide the highest revenue to the company and achieved a revenue of Rs 233 crore, clocking a growth of 11% over Q1FY19. Leasing business showed a growth of 24% with revenue of Rs 29 crore.

Exports revenue stood at Rs 129 crore against Q1 FY19 exports of Rs 1 crore. The revenue from turnkey construction projects also increased by 68.6% over Q1 FY19 to Rs 128 crore.

During Q1 FY20, gross order inflow was Rs 473 crore, taking the order book as on June 30 to Rs 6,052 crore.

With experience spanning over 45 years, RITES Ltd has undertaken projects in over 55 countries including Asia, Africa, Latin America, South America and Middle East regions. It is the only export arm of Indian Railways for providing rolling stock overseas other than Thailand, Malaysia and Indonesia.