Railways' consultancy firm RITES Ltd on Wednesday reported 30 per cent decline in consolidated net profit at Rs 105.31 crore for the quarter ended December 31, 2020.
Railways’ consultancy firm RITES Ltd on Wednesday reported 30 per cent decline in consolidated net profit at Rs 105.31 crore for the quarter ended December 31, 2020. It had posted a profit of Rs 150.05 crore in the year-ago period, RITES said in a regulatory filing. Total revenue during the quarter under review declined to Rs 480.08 crore as against Rs 663.47 crore in the year-ago period.
Total expenditure also fell to Rs 336.54 crore from Rs 466.31 crore. Working towards post-pandemic economic growth, the company has maintained its focus on project execution, sustaining margins, and consolidation of order book, said Rajeev Mehrotra, Chairman and Managing Director, RITES. “EBITDA and PAT stand at Rs 159 crore and Rs 105 crore against Rs 214 crore and Rs 150 crore, respectively, in Q3FY20. EBITDA and PAT margins are sustained and stand at 33.1 per cent and 21.9 per cent, respectively,” the company said.
The company’s order book stood at Rs 6,534 crore as on December 31, 2020, which provides revenue visibility for two to three years. Commenting on outlook, Mehrotra said, The emphasis on infrastructure development in the Union Budget 2021-22, National Rail Plan and National Infrastructure Pipeline will help drive the growth of the sector, thus providing us opportunities to achieve double-digit growth in FY22 and beyond. RITES is a public sector enterprise and a leading player in the transport consultancy and engineering sector in India, having diversified services and geographical reach.