RITES Q4 net profit drops to Rs 144 crore on Covid-19 woes
Jun 30, 2020
New Delhi [India], June 30 : RITES Ltd said on Tuesday its profit after tax dropped to Rs 144 crore in the quarter ended March on a consolidated basis from Rs 150 crore in Q4 FY19.
The revenue from operations too came down to Rs 571 crore in Q4 FY20 from Rs 737 crore in Q4 FY19. Earnings per share dipped to Rs 5.56 from Rs 5.81 in the same period.
"Some uncertainties have emerged in recent times due to Covid-19 which may impact the business operations in FY21," said Chairman and Managing Director Rajeev Mehrotra.
"But sufficient order book, diversified business segments and opportunities in infrastructure sector at domestic level as well as abroad are expected to help in quick recovery and future business growth," he said in a statement.
For the entire fiscal year FY20, however, revenue from operations went up to Rs 2,474 crore from Rs 2,047 crore in FY19 while profit after tax totalled Rs 633 crore as compared to Rs 490 crore.
"We achieved a major success by securing an export order of Rs 706 crore from Mozambique for cape gauge locomotives and coaches. We plan to develop products for standard gauge countries too," said Mehrotra.
