RITES Ltd reported an 11 per cent drop in standalone net profit to ₹123 crore for the quarter-ended December 31, 2023. The profit in the year-ago-period was ₹138 crore.
The company saw its revenue decline 8 per cent to ₹606 crore for the fourth quarter of the fiscal. Revenue in the year-ago-period was at ₹659 crore.
The EBITDA and PAT margins stood at 23.9 per cent and 19.3 per cent, respectively.
For the full fiscal, standalone net profit was ₹454 crore, down 15 per cent y-o-y; while revenues stood at ₹2,312 crore (down 8 per cent y-o-y). For FY23, net profit and revenues stood at ₹531 crore and ₹2,519 crore, respectively.
The year-on-year decrease in revenue is on account of a significant dip in revenue from the export segment and quality assurance businesses.
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For FY24, the consultancy revenue stood at ₹1,289 crore; while turnkey and leasing segments reported revenues of ₹903 crore and ₹138 crore, respectively, with the range-bound margins. Exports revenue stood at ₹103 crore.
According to Rahul Mithal, Chairman and Managing Director, RITES the strategy to consolidate and minimise the impact of the challenges on the export and quality assurance fronts gave results as the year progressed.
“From getting export orders of over Rs1200 crore, after a gap of more than 4 years, and diversifying our Quality Assurance business portfolio, we are on the right track. We will capitalise aggressively on this momentum in the coming fiscal,” he said.
The board recommended a final dividend of ₹5 per share, with an outgo of ₹120 crore.