Rail transport consultancy PSU RITES Limited saw a significant decrease in its quarterly top line for Q2FY21 on a consolidated basis to Rs 500 crore.
The company had booked revenue of Rs 888 crore in the second quarter of the last fiscal (Q2FY20).
The decrease was mainly on account of export deliveries not scheduled during this quarter and the final settlement amount of Rs 91 crore from a foreign client during Q2FY20.
Operating profit (EBITDA) and net profit (PAT) stood at Rs 189 crore and Rs 132 crore respectively. The corresponding figures for the year-ago period (Q2FY20) were Rs 339 crore and Rs 237 crore, respectively.
Margins
EBITDA and PAT margins were sustained at 37.9 per cent and 26.5 per cent respectively due to expeditious project execution and timely implementation of cost control measures.
Rajeev Mehrotra, Chairman and Managing Director, RITES Limited, said: “The results of the quarter reflect positivity about the recovery in business operations and the company is still hopeful of a moderate growth in FY21 in anticipation of further easing of Covid related restrictions.”
Standalone
The total revenue on a YoY basis reduced by 44.1 per cent in Q2FY21 to Rs 488 crore.
EBITDA and PAT stood at Rs 183 crore and Rs 131 crore respectively as against the year-ago numbers of Rs328 crore and Rs 233 crore. EBITDA and PAT margins were sustained and stood at 37.4 per cent and 26.8 per cent respectively.
Order Book
RITES’ order is at its highest ever at Rs 6,661 crore with the company bagging order worth Rs 948 crore during the quarter. As on date RITES has over 60 new and extended orders.
Quarterly business segment performance
RITES booked revenue of Rs 242 crore from its consultancy business in Q2 FY21 down 5.2 per cent YoY. However, margins expanded to 47.4 per cent ( 44.5 per cent in Q2FY20).
Revenue from leasing business declined a tad YoY to Rs 27 crore down from Rs 30 crore. This was due to the temporary suspension of leasing contracts at certain construction sites and ports. There were no export deliveries scheduled for Q2FY21.
However, H2FY21 is expected to see export to Sri Lanka and Mozambique.
Turnkey business revenue for Q2FY21 stood at Rs 154 crore down 14 per cent YoY as against Rs 179 crore booked during Q2FY20.
However, margins were maintained at 3.6 per cent during the quarter.
H1FY21
The impact of the Covid-19 pandemic adversely affected RITES’ top line and bottom line during the first half of FY21.
RITES’ total consolidated revenue for H1FY21 stood at Rs 876 crore as against Rs 1457 crore in H1FY20. EBITDA and PAT stood at Rs 293 crore and Rs 197 crore respectively.
