RITES's operating revenue dips 6.3 pc, final dividend of Rs 5 per share recommended
May 28, 2024
New Delhi [India], May 28 : The state-owned RITES Ltd (Rail India Technical and Economic Service) posted a consolidated operating revenue of Rs 643 crore for the fourth quarter of 2024, against Rs 687 crore in Q4FY23. The consolidated operating revenue saw a dip of 6.3 per cent.
The EBITDA of the company stood at 178 crores, with a margin of 27.7 per cent, while it recorded a sequential quarter-on-quarter growth of 4.4 per cent in the same period. The PAT (Profit After Tax) for the quarter was Rs 137 crore with margins of 20.5 per cent as against Rs 139 crore in the same quarter of last year.
The total revenue also declined at Rs Rs 668 crore against Rs 706 crore in Q4FY23.
The PSU recommended the final dividend of Rs 5 per share totaling Rs 18 per share, according to the financial result filed by the company.
The stocks of the company dipped on Tuesday in the market by 3.25 per cent.
On a Standalone basis, the operating revenue excluding other income also declined from Rs 606 crore in Q4FY24 against Rs 659 crore in Q4FY23.
Total standalone revenue is Rs 639 crore against Rs 690 crore in Q4FY23. EBITDA and PAT, with respective margins of 23.9 per cent and 19.3 per cent, stood at Rs 145 crore and Rs 123 crore against Rs 170 crore and Rs 138 crore, respectively, in Q4FY23, as per the filing.
The company's consolidated revenue stood at Rs 2453 crore in FY24 as against Rs 2628 crore in FY23. Total revenue stands at Rs 2539 crore as against Rs 2730 crore in FY23.
The company added that it has seen a decrease in revenue on account of a significant dip in revenue from the export segment and quality assurance business.
The PSU highlighted that the consultancy business is driving its growth at Rs 302 crore revenue with margins at 45 per cent.
On the growth prospects, Mithal said, "Having achieved our highest-ever consolidated Consultancy Revenue, we will continue to leverage our core strength of Design expertise under the Abhikalp initiative and expand the RITES Videsh outreach."
RITES further informed that it has secured more than 100 orders (including extension of works) worth more than Rs 940 crore in Q4FY24. The quarter ended with a healthy order book of Rs 5690 crore.
