RITES Q4 net profit up by 70.2% at INR 132 crore

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RITES FY19 revenue up by 35.7% and PAT up by 37.3%.

RITES Ltd., the leading Transport Infrastructure Consultancy and Engineering firm, reported its standalone and consolidated financial results for the Financial Year ended on 31st March, 2019 and standalone financial results for quarter ended on 31st March 2019.

Highlights for FY19 Consolidated Financials

• Total Revenue up by 35.7% to `2240 crore, highest ever
• Profit After Tax up by 37.3% to `490 crore, highest ever
• EPS at `23.48 as compared to last year’s `17.12, up by 37.1%
• REMCL, a subsidiary, revenue up by 20.7% to `83 crore

 

Highlights for FY19 Standalone Financials

• Total Revenue up by 36.4% to `2164 crore, highest ever
• Profit After Tax up by 34.0% to `445 crore, highest ever
• EPS at `22.23 as compared to last year’s `16.59, up by 34.0%
• Final Dividend of `4 per share recommended by Board of Directors
• Interim dividend of `8.75 per share has already been paid
• Order book up by about 27% to `6097 crore

 

Highlights for Q4 FY19 Standalone Financials

• Total Revenue up by 33.3% to `762 crore
• Profit After Tax up by 70.2% to ` 132 crore
• EPS at `6.59 as compared to last year’s `3.87, up by 70.2%

 

Commenting on the results, Rajeev Mehrotra, Chairman and Managing Director, RITES Limited said, “It gives me immense pleasure to share that the focus on execution has resulted in excellent results for financial year ended 31st March 2019. We have exceeded the performance targets for FY19 and made significant strides in business growth and project delivery.”
Revenue and Profit Growth

Consolidated

RITES total consolidated revenue has gone up by 35.7% to `2240 crore. Similarly, the operational revenue, excluding other income, has also shown a substantial growth of 36.7% and touched `2047 crore in FY19. Full year consolidated EBITDA and PAT have gone up by 37.0% and 37.3% to ` 776 crore and `490 crore respectively over FY18.

Standalone

RITES total standalone revenue has gone up by 36.4% to `2164 crore. Similarly, the operational revenue, excluding other income, has increased by 37.3% and reached `1969 crore in FY19. EBITDA and PAT have gone up by 37.5% and 34.0% to `712 crore and `445 crore respectively over FY18. EBITDA and PAT margin stands at 32.9% and 20.5% respectively.

Q4FY19

Q4FY19 total revenue has gone up by 33.3% to `762 crore. Similarly, the operational revenue, excluding other income, has increased by 31.4% YoY and touched `714 crore in Q4FY19. EBITDA and PAT have gone up by 66.3% and 70.2% to `215 crore and `132 crore respectively over Q4FY18.

Dividend

After declaring 2 interim dividends of `95 crore (`4.75 per share) and `80 crore (`4 per share) for the FY19, Board of Directors have recommended a final dividend of `80 crore (`4 per share) for FY19 which is 40% of paid-up capital. This dividend takes the dividend payout of company to 57% for the FY19 based on the PAT of FY19.

Consultancy & Leasing: Consistent Performers

Consultancy business remains the focus area and company achieved a revenue of `1092 crore with a growth of 13.3% over FY18. Consultancy revenue for Q4FY19 stands at `321 crore.

Leasing business has shown a growth of 12.3% over FY18 with revenue of `104 crore as against revenue of `92 crore.

Exports Earnings

Exports revenue during the FY19 stands at `207 crore and during Q4FY19 `103 crore. Commenting on exports performance, CMD Rajeev Mehrotra said, “Certain exports lined up for March 2019 have spilled over to Q1FY20. Exports business has a healthy order book of `1086 crore and is expected to pick up from this financial year. ”

Turnkey Segment

The revenue from turnkey construction projects, has reached `567 crore with multifold increase over FY18 amounting to `147 crore. Q4FY19 also saw revenue of `261 crore with increase of `179 crore over Q4FY18.

Performance of our Subsidiary and JV

Our subsidiary REMCL has again shown a strong growth, resulting from revenue of `83 crore i.e. up by 20.7% and PAT which has reached to `41 crore i.e. up by 36.7%.

Our wagon manufacturing Joint Venture, SRBWPL, has achieved a profit of `16 crore with revenue of `216 crore during FY19.

During the year, SRBWPL plant has achieved a milestone of 100% capacity utilization by producing 100 wagons per month.