RITES Q2FY24: Reports profit Rs 110 cr, Declares 2nd interim dividend of Rs 4.5/share

by Psu Connect
Date: 31-10-23

RITES operating revenue (consolidated), excluding other income, stands at Rs 1127 crore in H1FY24 as against Rs 1264 crore in H1FY23.

RITES Q2FY24: Reports profit Rs 110 cr, Declares 2nd interim dividend of Rs 4.5/share

Gurugram: RITES Ltd. (NSE: RITES, BSE: 541556), the leading Transport Infrastructure Consultancy and Engineering firm, today announced its standalone and consolidated financial results for the Quarter ended on September 30th, 2023.

Q2FY24 Financials (Consolidated)
? Operating Revenue at Rs 582 crore, sequential QoQ growth of 7%
? EBITDA Rs 139 crore with Margins of 23.9%
? PAT at Rs 110 crore against Rs 140 crore in Q2FY23

H1FY24 Financials (Consolidated)
? Total Revenue stands at Rs 1171 crore against Rs 1321 crore in H1FY23
? EBITDA at Rs 301 crore with Margins at 26.7%
? PAT at Rs 230 crore against Rs 285 crore in Q2FY23

Commenting on the results, Mr. Rahul Mithal, Chairman and Managing Director, RITES Limited, said, “Amidst the competitive environment, the growth in consultancy revenue and order realisation, underscores our core strength and is in line with our strategy to minimise the impact of challenges this year in the export and inspection business streams.”
Financial Performance in Q2FY24

RITES operating revenue (consolidated), excluding other income, stands at Rs 582 crore in Q2FY24 as against Rs 659 crore in Q2FY23, dip by 11.6%. Total revenue is Rs 609 crore as against Rs 684 crore in Q2FY23. EBITDA and PAT stand at Rs 139 crore and Rs 110 crore with margins of 23.9% and 18.1%, respectively. Year-on-year, there is a slight decrease in revenue which is mainly attributed to a significant dip in the export stream of revenue and revenue from quality assurance.

RITES Standalone Q2FY23
Operating revenue, excluding other income, stands at Rs 549 crore in Q2FY24 against Rs 632 crore in Q2FY23. Total standalone revenue is Rs 601 crore against Rs 663 crore in Q2FY23. EBITDA and PAT, with respective margins of 20.2% and 19.4%, stand at Rs 111 crore and Rs 117 crore against Rs 158 crore and Rs 131 crore, respectively, in Q2FY23.

RITES Financial Performance in H1FY24
RITES operating revenue (consolidated), excluding other income, stands at Rs 1127 crore in H1FY24 as against Rs 1264 crore in H1FY23. Total revenue stands at Rs 1171 crore as against Rs 1321 crore in H1FY23. Year-on-year, there is a decrease in revenue on account of a significant dip in revenue from the Export segment and Quality Assurance business. EBITDA and PAT stand at Rs 301 crore and Rs 230 crore against Rs 361 crore and Rs 285 crore, respectively, in H1FY23. EBITDA and PAT margins at 26.7% and 19.6%, respectively, remained range-bound as the better-margin consultancy stream of revenue balanced out the low-margin turnkey revenue.

RITES Dividend
The Board of Directors has declared the second interim dividend of Rs 4.5 per share amounting Rs 108 crore. The record date for the purpose of payment of dividend is November 8, 2023.