New Delhi, May 18 RITES Ltd reported a 6 per cent rise in standalone net profit of ₹138 crore for the quarter ending March 31, 2023. Profit in the corresponding period last year was ₹130 crore. Revenue for the period stood at ₹690 crore, down 10 per cent YoY.

The EBITDA for the quarter stood at ₹170 crore with margin of 25.9 per cent.

For the fiscal, standalone PAT increased by 7 per cent to ₹531 crore YoY, to ₹497 crore; while the EBITDA was ₹655 crore, and margins at 26 per cent. Revenue for the fiscal stood at ₹2,639 crore.

According to Rahul Mithal, Chairman and Managing Director, RITES Ltd, the company reported its highest-ever consultancy revenue in FY23. “Consultancy business is a core strength which we will continue to leverage aggressively, tapping the immense opportunities,” he said.

The revenue from the consultancy business was ₹341 crore, up by 8.1 per cent; while the leasing revenue remained flat at ₹33 crore in Q4FY23, with margins being in the 28.8 per cent range. Turnkey revenue stands at ₹230 crore with a jump of 58.5 per cent. At ₹55 crore, the export segment has shown a dip of 77.9 per cent in Q4FY23.

For FY23, consultancy, leasing, and turnkey, witnessed a growth of 16.7 per cent, 5.2 per cent and 92.5 per cent, respectively.

“With the continuous push to our strategic ‘RITES Videsh’ initiative, there is a steady increase in the share of foreign consultancy revenue from 10 per cent in FY22 to 13 per cent in FY23. At ₹159 crore, RITES has recorded highest-ever foreign consultancy revenue in FY23,” the company said in a statement.

During the Q4FY23, the company secured more than 70 orders (including extension of works) worth more than ₹775 crore. It maintained an order book of ₹5,870 crore as on March 31, 2023. During FY23, gross addition to the order book has been more than ₹3,000 crore from over 240 new and extension orders.

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