RITES Q1FY20 Revenue up by 46.8%, PAT up by 11.3%
RITES Ltd. (NSE: RITES, BSE: 541556), the leading Transport Infrastructure Consultancy and Engineering firm, reported its standalone and consolidated financial results for the quarter ended on 30th June, 2019.
Highlights for Q1FY20 Standalone Financials
§ Total Revenue up by 50.3% to `554 crore
§ Operating Revenue up by 67.2% to `519 crore
§ Operating Profit up by 67.3% to `107 crore
§ Profit After Tax up by 14.5% to `93 crore
§ EPS at `4.63 as compared to last year’s `4.05, up by 14.3%
Highlights for Q1FY20 Consolidated Financials
§ Total Revenue up by 46.8% to `573 crore
§ Operating Revenue up by 61.8% to `538 crore
§ Operating Profit up by 51.3% to `119 crore
§ Profit After Tax up by 11.3% to `102 crore
§ EPS at `4.90 as compared to last year’s `4.35, up by 12.6%
Commenting on the results, Mr. Rajeev Mehrotra, Chairman and Managing Director, RITES Limited said, “I am delighted to share that after a very successful financial year 2019, RITES has continued its growth journey in the first quarter of FY20. All four segments have shown continuous growth in revenue, profitability and as a result, we have been able to maintain healthy sustainable margins.”
Revenue and Profit Growth for Q1FY20
RITES total standalone revenue has gone up by 50.3% to `554 crore. Similarly, the operational revenue, excluding other income, has increased by 67.2% and reached `519 crore in Q1FY20. EBITDA and PAT have gone up by 16.6% and 14.5% to `151 crore and `93 crore respectively over Q1FY19. If adjusted for `25 crore provision/liabilities reversal during Q1FY19, the adjusted growth in EBITDA and PAT is 44.5% and 43.4% respectively. Operating Profits, excluding other income, has shown a growth of 67.3% over Q1FY19.
RITES total consolidated revenue has gone up by 46.8% to `573 crore. Similarly, the operational revenue, excluding other income, has also shown a substantial growth of 61.8% and reached `538 crore in Q1FY20. Consolidated EBITDA and PAT have gone up by 13.0% and 11.3% to `167 crore and `102 crore respectively over Q1FY19. Similarly if adjusted for `25 crore provision/liabilities reversal during Q1FY19, the adjusted growth in EBITDA and PAT is 36.2% and 35.3% respectively. Operating Profits, excluding other income, has shown a growth of 51.3% over Q1FY19. EBITDA and PAT margin stands at 29.1% and 17.8% respectively.
Company has been able to sustain its consolidated EBITDA, PBT and PAT Margins of 29.1%, 26.9% and 17.8% respectively during the Q1FY19. Impact of provision/liabilities reversal of ₹25 crore during Q1 FY19, which had impact of 640 bps on EBITDA & PBT and 420 bps on PAT in Q1 FY19, has to be kept in view while comparing.
Performance of standalone segments
Consultancy business continued to provide highest revenue to the company and achieved a revenue of `233 crore with a growth of 11.0% over Q1FY19. Leasing business has shown a growth of 24.4% over Q1FY19 with revenue of `29 crore as against revenue of `23 crore.
Exports revenue during the Q1FY20 stands at `129 crore against Q1FY19 exports of `1 crore. The revenue from turnkey construction projects has also increased by 68.6% over Q1FY19 and stands at `128 crore.
Other income has shown a decline of 40.4% in Q1FY20 over Q1FY19, on account of reversal of provisions/liabilities of `25 crore during Q1FY19.
During Q1FY20, gross order inflow was `473 crore, taking the order book as on 30.06.2019 to `6052 crore and management’s focus will continue to be on project delivery during FY20.