RITES hits pre-Covid revenue levels in FY22 with 21% jump on strong export
Transport infrastructure and consultancy firm RITES Ltd reached pre-Covid revenue levels in FY22 at Rs 2,745 crore, the railways public sector undertaking said after releasing its results for the quarter ended March.
In the January-March quarter, total revenue increased by 20.9 per cent to Rs 765 crore as against Rs 632 crore in Q4 FY21, owing to strong performance in consultancy, leasing, and exports, the company said.
Operating revenue, excluding other income, went up by 21.5 per cent to Rs 744 crore in Q4 FY22. EBITDA, excluding other income, showed a growth of 12.8 per cent at Rs 187 crore.
Profit After Tax (PAT) remained flat at Rs 130 crore against Rs 135 crore in Q4FY21 due to higher tax outflow, based on recent clarifications.
The firm’s foreign consultancy has increased by 9 per cent, while leasing and exports have shown a growth of 16.7 per cent and 161.3 per cent respectively. RITES is the only export arm of Indian Railways for rolling stock.
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