RITES reports 68.80% yoy rise in Revenue at Rs637 crore; stock gains ~1%

29 Jul 2022 , 01:13 PM

RITES Ltd., a leading Transport Infrastructure Consultancy and Engineering firm, announced its standalone and consolidated financial results for the quarter ended June 30, 2022.

Company reported total consolidated revenue of Rs637 crore in Q1FY23, up by 68.80% yoy against Rs377 crore in the previous corresponding quarter.

Its operating revenue stands at Rs605 crore in Q1FY23, registering a growth of 70.40% yoy against the same quarter last year at Rs355 crore.

Company’s EBITDA during the quarter under review stood at Rs179 crore as against Rs97 crore in Q1FY22, clocking 84.50% yoy growth.

Company achieved a consolidated net profit of Rs145 crore in Q1FY23, up by 85.80% yoy against Rs78 crore in the previous corresponding quarter.

On a standalone basis, the company reported revenue of Rs610 crore in Q1FY23, as compared to Rs359 crore in Q1FY22, up by 69.90% yoy. PAT recorded growth of 83.40% yoy at Rs129 crore in Q1FY23 as compared to Rs70 crore in Q1FY22.

The company declared an interim dividend of Rs4 per share, aggregating to Rs96 crore for the quarter.

At around 1.17 PM, Rites was trading at Rs263.90 up by Rs3.6 or 1.38% from its previous closing of Rs260.30 on the BSE. The scrip hit an intraday high and low of Rs266.55 and Rs260.70 respectively.