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RITES Q2FY20 Revenue up by 85.8%, PAT up by 112%

Posted On: 2019-11-13 21:00:10

RITES Ltd. (NSE: RITES, BSE: 541556), the leading Transport Infrastructure Consultancy and Engineering firm, reported its standalone and consolidated financial results for the Quarter and Half Year ended on 30th September, 2019.

Highlights for Q2FY20 Standalone Financials

- Total Revenue up by 88.2% to Rs. 874 crore
- Operating Revenue up by 70.8% to Rs. 726 crore
- Profit Before Tax up by 91.6% to Rs. 317 crore
- Operating Profit up by 34.2% to Rs. 170 crore
- Profit After Tax up by 115% to Rs. 233 crore
- EPS at Rs. 9.31 as compared to previous period Rs. 4.33

Highlights for Q2FY20 Consolidated Financials

- Total Revenue up by 85.8% to Rs. 888 crore
- Operating Revenue up by 68.5% to Rs. 746 crore
- Profit Before Tax up by 88.5% to Rs. 326 crore
- Operating Profit up by 33.5% to Rs. 184 crore
- Profit After Tax up by 112% to Rs. 237 crore
- EPS at Rs. 9.3 as compared to previous period Rs. 4.31

Commenting on the results, Mr. Rajeev Mehrotra, Chairman and Managing Director, RITES Limited said, "I am glad to share that RITES has reported its highest ever quarterly and half yearly performance driven by growth in exports, turnkey works and leasing, besides consultancy continue to be the key segment. Our focus on exports has been productive and we are seeing steady upward momentum from clients."

RITES total standalone revenue has gone up by 71.0% to Rs. 1423 crore in H1FY20. Similarly, the operational revenue, excluding other income, has increased by 69.3% and reached Rs. 1245 crore in H1FY20. EBITDA and PAT have gone up by 57.6% and 72.0% to Rs. 479 crore and Rs. 325 crore respectively over Q2FY19.

Further commenting on performance, Mr. Mehrotra said "Through the first half of FY20, RITES has provided a good mix of growth & profitability. These results are an indicator that we are on track to achieve our performance guidance for FY20."

Shares of RITES Ltd was last trading in BSE at Rs.287.05 as compared to the previous close of Rs. 289.45. The total number of shares traded during the day was 32760 in over 1004 trades.

The stock hit an intraday high of Rs. 294.5 and intraday low of 284.95. The net turnover during the day was Rs. 9515240.

Source: Equity Bulls

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