RITES Q3 FY20 PAT up by 10.5% at Rs 150 cr

RITES Q3  FY20 PAT up by 10.5% at Rs 150 cr, Revenue up by 13.9% at Rs 663 cr

RITES Ltd. (NSE: RITES, BSE: 541556), the leading Transport Infrastructure Consultancy and Engineering company, reported its standalone and consolidated financial results for the quarter and 9 months ended on 31st December, 2019. Also, Board of Directors during its meeting held today declared 2^nd interim dividend of Rs 4 per share (at the rate of 40% on share of Rs 10 each).

       Highlights for Q3FY20 Consolidated Financials

§  Total Revenue up by 13.9% to Rs 663 crore

§  Operating Revenue up by 15.9% to Rs 620 crore

§  Operating Profit up by 8.1% to Rs 157 crore

§  Profit Before Tax up by 4% to Rs 200 crore

§  Profit After Tax up by 10.5% to Rs 150 crore

§  EPS stands at Rs 5.86 as compared to last year’s Rs 5.19

Highlights for 9M FY20 Consolidated Financials

§  Total Revenue up by 46.2% to Rs 2120 crore

§  Operating Revenue up by 45.3% to Rs 1904 crore

§  Operating Profit up by 28.2% to Rs 464 crore

§  Profit Before Tax up by 35.5% to Rs 680 crore

§  Profit After Tax up by 44.2% to Rs 489 crore

§  EPS at Rs 19.08 as compared to last year’s Rs 12.97 

Commenting on the results, Mr. Rajeev Mehrotra, Chairman and Managing Director, RITES Limited said, “We have continued to maintain growth and profitability at expected levels during 3^rd quarter and as a result of which, the Board has considered 2^nd interim dividend.”  Commenting on the outlook, Mr. Mehrotra said “National Infrastructure Pipeline in India and focus on infrastructure by the countries, where we actively pursue our business, will continue to drive growth of our order book in short as well as medium term.”

Revenue and Profitability for Q3FY20

Consolidated

RITES total consolidated revenue has gone up by 13.9% to Rs 663 crore in Q3FY20. Similarly, the operational revenue, excluding other income, has increased by 15.9% and reached Rs 620 crore in Q3FY20. Consolidated EBITDA and PAT have gone up by 4.7% and 10.5% to Rs 214 crore and Rs 150 crore respectively over Q3FY19. Operating Profit, excluding other income, has shown a growth of 8.1% over Q3FY20. EBITDA and PAT margin during the quarter stood at 32.2% and 22.6%, respectively.

Standalone

RITES total standalone revenue has gone up by 13.9% to Rs 646 crore in Q3FY20. Similarly, the operational revenue, excluding other income, has increased by 16.0% and reached Rs 603 crore in Q3FY20. EBITDA and PAT have gone up by 2.7% and 13.8% to Rs 198 crore and Rs 140 crore respectively over Q3FY19. Operating Profit, excluding other income, has shown a growth of 5.3% over Q3FY19. EBITDA and PAT margin during the quarter stand at 30.6% and 21.6% respectively.

Performance of 9MFY20

RITES’ total consolidated revenue has gone up by 46.2% to Rs 2120 crore in 9M FY20. Similarly, the operational revenue, excluding other income, has increased by 45.3% and reached Rs 1904 crore in 9M FY20. Operating Profit, excluding other income, has shown a growth of 28.2% over 9M FY19. EBITDA and PAT have gone up by 34.3% and 44.2% to Rs 719 crore and RS 489 crore, respectively, over 9M FY19.

2^nd interim Dividend

This second interim dividend brings the company’s total dividend for the FY20 so far, to `10 per share i.e. 100% of paid up capital. The record date for the purpose of payment of dividend is 18^th February 2020.