Railways' consultancy firm RITES Ltd today reported 30% decline in consolidated net profit at ₹105.31 crore for the quarter ended December 31, 2020 as against ₹150.05 crore in the year-ago period
NEW DELHI : Railways' consultancy firm RITES Ltd on Wednesday reported 30% decline in consolidated net profit at ₹105.31 crore for the quarter ended December 31, 2020.
It had posted a profit of ₹150.05 crore in the year-ago period, RITES said in a regulatory filing.
Total revenue during the quarter under review declined to ₹480.08 crore as against ₹663.47 crore in the year-ago period.
Total expenditure also fell to ₹336.54 crore from ₹466.31 crore.
“Working towards post-pandemic economic growth, the company has maintained its focus on project execution, sustaining margins, and consolidation of order book," said Rajeev Mehrotra, Chairman and Managing Director, RITES.
"EBITDA and PAT stand at ₹159 crore and ₹105 crore against ₹214 crore and ₹150 crore, respectively, in Q3FY20. EBITDA and PAT margins are sustained and stand at 33.1% and 21.9%, respectively," the company said.
The company’s order book stood at ₹6,534 crore as on December 31, 2020, which provides revenue visibility for two to three years.
Commenting on outlook, Mehrotra said, “The emphasis on infrastructure development in the Union Budget 2021-22, National Rail Plan and National Infrastructure Pipeline will help drive the growth of the sector, thus providing us opportunities to achieve double-digit growth in FY22 and beyond."
RITES is a public sector enterprise and a leading player in the transport consultancy and engineering sector in India, having diversified services and geographical reach.
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