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RITES Ltd, the leading Transport Infrastructure Consultancy and Engineering firm announced its standalone and consolidated financial results for the Quarter and the financial year ended on March 31st, 2024.
Highest-ever consolidated Consultancy, Turnkey and Leasing revenue. Maintained position of being a ‘one-order-a-day’ company with securing more than 100 orders worth Rs 940 crore in Q4. Secured export orders of Rs 1200+ crore through a global competitive bidding process
Operating Revenue at Rs 643 crore, EBITDA Rs 178 crore with Margins of 27.7%, sequential QoQ growth of 4.4%, PAT at Rs 137 crore with Margins of 20.5% as against Rs 139 crore in Q4FY23
EBITDA at Rs 650 crore with Margins at 26.5%, PAT at Rs 495 crore with Margins of 19.6%, Final Dividend of Rs 5/share totalling to Rs 18/share, 95.2% Dividend Payout ratio.
Commenting on the results, Rahul Mithal, Chairman and Managing Director, RITES Limited, said, “Our focussed strategy to consolidate and minimise the impact of the challenges on the Export and Quality Assurance fronts gave results as the year progressed. From getting export orders of Rs 1200+ crores after a gap of more than 4 years and diversifying our Quality Assurance business portfolio, we are on the right track and we will capitalise aggressively on this momentum in the coming FY.”
RITES operating revenue (consolidated), excluding other income, stands at Rs 643 crore in Q4FY24 as against Rs 687 crore in Q4FY23, a dip by 6.3%. Total revenue is Rs 668 crore as against Rs 706 crore in Q4FY23. EBITDA and PAT stand at Rs 178 crore and Rs 137 crore with margins of 27.7% and 20.5%, respectively.
Operating revenue, excluding other income, stands at Rs 606 crore in Q4FY24 against Rs 659 crore in Q4FY23. Total standalone revenue is Rs 639 crore against Rs 690 crore in Q4FY23. EBITDA and PAT, with respective margins of 23.9% and 19.3%, stand at Rs 145 crore and Rs 123 crore against Rs 170 crore and Rs 138 crore, respectively, in Q4FY23.
RITES operating revenue (consolidated), excluding other income, stands at Rs 2453 crore in FY24 as against Rs 2628 crore in FY23. Total revenue stands at Rs 2539 crore as against Rs 2730 crore in FY23. 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 650 crore and Rs 495 crore against Rs 746 crore and Rs 571 crore, respectively, in FY23. EBITDA and PAT margins at 26.5% and 19.6%, respectively, remained range-bound as the better-margin consultancy stream of revenue balanced out the low-margin turnkey revenue.
The Consultancy business continues to be a crucial growth driver at Rs 302-crore revenue with margins at 45%. Turnkey and leasing segments have given the highest-ever quarterly revenue with leasing revenue standing at Rs 39 crore with the margins of 40.0% and turnkey revenue at Rs 259 crore with the margins of 4.9%. However, exports revenue stands at a mere Rs 6 crore during the quarter on account of some spare supplies. With the signing of agreements for supplying 10 locomotives to CFM Mozambique and 200 passenger coaches to Bangladesh Railway, revenue from the export stream is expected to pick up from H2FY25.
During FY24, the Consolidated consultancy revenue stand at Rs 1289 crore which is the highest-ever. Turnkey and leasing segments have also recorded highest yearly revenue of Rs 903 crore and Rs 138 crore, respectively, with the range-bound margins. And, the exports revenue stands at Rs 103 crore.
The Board of Directors has recommended the final dividend of Rs 5 per share, amounting Rs 120 crore. The recommendation will be put up to the shareholders for their approval at the Annual General Meeting of the company. Upon approval, the total Dividend Payout Ratio attributed for FY24 will stand at 95.2%.
The company has secured more than 100 orders (including extension of works) worth more than Rs 940 crore in Q4FY24, thereby continuing to be a ‘one-order-a-day’ company. The quarter ended with a healthy order book of Rs 5690 crore.
